Extending a Binder

Expired binders will appear on the HOME > BINDER LOG screen. Notice that the date in the Coverage Exp Date column is colored to show if the binder is close to or has expired. The Details icon of the policy associated with the open binder is displayed. Click the Details icon to display the policy underwriting tab or click the blue Details icon to display the client card file tab.

To Extend a Binder

1. On the Primary menu, click SEARCH.
2. Click the Details icon next to the appropriate client.

3. On the Client menu, click POLICIES.
4. Click the binders tab to display all open binders for the client.

5. Click the Details icon on the binders tab to open the details of the binder to be extended.

Important: The Extend icon is not active until after the binder has been posted.

• A green Details icon indicates there are more than 30 days until the expiration date of the binder.
• A yellow Details icon indicates there are less than 30 days until the expiration date of the binder.
• A red Details icon indicates the binder has expired.

6. Click the Extend icon. A confirmation dialog box is displayed.
7. In the confirmation dialog box, click OK to continue. The original binder term is closed and a new term is created by adding a copy of the existing binder with an Open status.  The Nexsure default binder term is 30 days.  The term default can be changed in Setup.

8. In the Binders section, if a red is displayed in the Insync column this denotes the binder has been changed. If necessary, click the Populate icon to populate the binder with the information on the application. The populate disclaimer is displayed.
9. Click Agree to activate the Accept button.
10. Clicking Accept allows Nexsure to populate the binder with the information on the application. The green in the Insync column confirms the successful population of the binder extension with information from the application. Manual changes to the open binder will change the Insync column to display a red .

Note: If the Populate icon is initiated after the form has been altered, keep the following in mind: If manual changes are made to fields that contain data that populated from the original LOB application, or that are blank but exist in the original LOB application, when they are repopulated, these data fields will be overwritten with the original LOB data. Any manual changes made to data fields that do not populate from the original LOB will not be overwritten.

Closed Binders

The following conditions apply to closed binders:

• Binders cannot be closed until they are posted.
• Posted Binders and their extensions cannot be removed.
• The signature can no longer be changed.
• Closed binder iterations may be re-opened. However, Save Changes on the Navigation Tool bar and the coverage term calendar are not enabled until the binder is re-opened.

Related Topics

Binder Log

Creating a Binder

Putting a Bound Policy In Force