Overview

Learn how a quote is created and becomes a cover through the coverage lifecycle.

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Flowchart

Below is the flowchart for a coverage lifecycle.

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  1. A "quote" is requested for an invoice or other insurable asset.
  2. The quote status can be either "Assessing", "Quoted" or "Refused".
  3. If the quote is "Quoted", you have the option to Activate the quote and convert it into a "cover".
  4. After payment of the insured asset the cover should be Settled as the insurance is no longer needed or Claimed if you need to start a claim process.

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Rules to request a quote

  • You cannot insure an invoice that is past its due date.
  • Issue date cannot be older than specified in your policy.
  • Due date must be in the future and no more than the maximum days specified in your policy.

Refusal of Quotes

If a quote is refused, it can be due to numerous reasons. We can only share so much information about the refusal reasons as it pertains to your request.

Reasons for Quote Rejection has up to date information on what we can share with our clients.