Configure the Q&B Formulas

The CC_Buildings premium calculation formula is specifically designed to calculate the premium amount for the "Buildings" coverage within a commercial combined insurance product. It takes into account various factors related to the building being insured and applies adjustments accordingly. This documentation focuses on providing a detailed explanation of the formula and its steps.

The following components are used in the formula:

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Base Rate: The base rate is calculated by multiplying the sum insured amount with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. The smeTypeCoefficient is then applied to the base rate by multiplying it and dividing the result by 1000. THe calculation is given below:

  baseRate = sumInsured * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection)) * smeTypeCoefficient / 1000;

• Construction Loading: The construction loading factor is calculated by multiplying the base rate with a value obtained from the dataset CC_ConstructionAgeLoading using the construction age of the building as a parameter. The resulting value is subtracted by 1 to determine the adjustment factor. The calculation is given below:

  constructionLoading = baseRate * (DataSet("CC_ConstructionAgeLoading", ("ConstructionYear", constructionAge)) -1);

• Proximity Loading (proximityCoefficient): This factor is determined based on the presence or absence of proximity loading. If the loading is present (hasProximityLoading), the dataset "CC_ProximityLoadingNew" is accessed to obtain the coefficient value. Otherwise, the proximityCoefficient is set to 1, indicating no adjustment. The calculation is given below:

  proximityLoading -> var proximityCoefficient = hasProximityLoading ? DataSet("CC_ProximityLoadingNew"): 1;

• Result: The result represents the cumulative adjustment based on the base rate, construction loading, and proximity loading. The base rate, constructionAgeLoading, and proximityLoading are summed together and multiplied by the difference between the proximityCoefficient and 1. The calculation is given below:

  result = (baseRate + constructionAgeLoading) * (proximityCoefficient - 1);

• Alarm Loading: The alarm loading factor reflects the presence of an approved alarm system. The alarmCoefficient is determined based on whether there is an approved alarm system (hasApprovedAlarm). If approved, the dataset CC_AlarmLoading is accessed with the parameter AllarmLoading set to Approved; otherwise, it is set to Unapproved. The calculation is given below:

  alarmLoading -> var alarmCoefficient = hasApprovedAlarm ? DataSet("CC_AlarmLoading", ("AllarmLoading", "Approved")) : DataSet("CC_AlarmLoading", ("AllarmLoading", "Unapproved"));

• Result: The result is further adjusted by incorporating the alarm loading factor. The base rate, constructionAgeLoading, proximityLoading, and alarmLoading are summed together and multiplied by the difference between the alarmCoefficient and 1. The calculation is given below:

  result = (baseRate + constructionAgeLoading + proximityLoading) * (alarmCoefficient - 1);

• Base Rate (Final): Finally, the base rate is recalculated by adding the constructionAgeLoading, proximityLoading, and alarmLoading to the previous baseRate value. This final value represents the premium amount for the Buildings coverage within the commercial combined insurance product. The calculation is given below:

  baseRate = baseRate + constructionAgeLoading + proximityLoading + alarmLoading;

The CC_CommercialLegalExpenses premium calculation formula is designed to determine the premium amount for the Commercial Legal Expenses coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the sum insured amount with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Commercial Legal Expenses coverage. The calculation is given below:

  baseRate = sumInsured * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient and dividing the result by 1000. This ensures that the SME type coefficient is appropriately applied to the base rate to determine the final premium amount for the Commercial Legal Expenses coverage. The calculation is given below:

  premiumAmount = baseRate * smeTypeCoefficient / 1000;

The CC_FloodParametric premium calculation formula is used to determine the premium amount for the "Flood Parametric" coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the smeTypeCoefficient with the value obtained from the dataset CC_FloodParametricCoverRating. The dataset is accessed using the parameter FloodSumInsured, which represents the sum insured amount for the flood parametric coverage. The resulting value represents the premium amount for the Flood Parametric coverage. The calculation is given below:

  premiumAmount = smeTypeCoefficient * DataSet("CC_FloodParametricCoverRating", ("FloodSumInsured", sumInsured));

The CC_ProductsLiability premium calculation formula is used to determine the premium amount for the "Products Liability" coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the revenue of the business with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Products Liability coverage and is proportional to the revenue of the business. The calculation is given below:

  baseRate = revenue * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient and dividing the result by 1000. This ensures that the SME type coefficient is appropriately applied to the base rate to determine the final premium amount for the Products Liability coverage. The calculation is given below:

  premiumAmount = baseRate * smeTypeCoefficient / 1000;

The CC_Contents premium calculation formula is used to determine the premium amount for the Contents coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the sum insured amount with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Contents coverage and is proportional to the sum insured amount. The calculation is given below:

  baseRate = sumInsured * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• Premium Amount: The premium amount is calculated by dividing the base rate by 1000. This conversion ensures that the base rate is appropriately adjusted to determine the final premium amount for the Contents coverage. The calculation is given below:

  premiumAmount = baseRate / 1000;

The CC_Stock premium calculation formula is used to determine the premium amount for the Stock coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the sum insured amount with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Stock coverage and is proportional to the sum insured amount. The calculation is given below:

  baseRate = sumInsured * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• Away Loading (awayLoading): This factor is calculated by multiplying the stockAway value with a loading obtained from the dataset CC_StockCoverLoading. The dataset is accessed using the parameter StockAwayFromPremises set to Away. This loading reflects the increased risk associated with stock being away from the premises. The calculation is given below:

  awayLoading = stockAway * DataSet("CC_StockCoverLoading", ("StockAwayFromPremises", "Away"));

• With Carriers Loading (withCarriersLoading): This factor is calculated by multiplying the withCarriers value with a loading obtained from the CC_StockCoverLoading dataset. The dataset is accessed using the StockAwayFromPremises parameter set to Carriers. This loading accounts for the additional risk when stock is in transit with carriers. The calculation is given below:

  withCarriersLoading = withCarriers * DataSet("CC_StockCoverLoading", ("StockAwayFromPremises", "Carriers"));

• Premium Amount: The premium amount is calculated by summing the base rate, away loading, and with carriers loading, and then dividing the result by 1000. This conversion ensures that the total amount is appropriately adjusted to determine the final premium amount for the Stock coverage. The calculation is given below:

  premiumAmount = (baseRate + awayLoading + withCarriersLoading) / 1000;

The CC_BusinessInterruption premium calculation formula is used to determine the premium amount for the Business Interruption coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the turnover of the business with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Business Interruption coverage and is proportional to the business turnover. The calculation is given below:

  baseRate = turnover * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient =DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with a value obtained from the dataset CC_BusinessInterruptionCoverLoadings. The dataset is accessed using the IndemnityPeriodLoading parameter, which represents the indemnity period in months. The resulting value is then multiplied by the smeTypeCoefficient and divided by 1000 to determine the final premium amount for the Business Interruption coverage. The calculation is given below:

  premiumAmount = (baseRate * DataSet("CC_BusinessInterruptionCoverLoadings", ("IndemnityPeriodLoading", indemnityPeriodMonths))) * smeTypeCoefficient /1000;

The CC_ElectronicEquipment premium calculation formula is used to determine the premium amount for the Electronic Equipment coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the sum insured amount with the base rate obtained from a dataset called CC_BaseRate. The dataset is accessed using parameters such as the coverage type and the Standard Industrial Classification (SIC) section. This base rate represents the fundamental rate for the Electronic Equipment coverage and is proportional to the sum insured amount. The calculation is given below:

  baseRate = sumInsured * DataSet("CC_BaseRate", ("Coverage", coverage), ("SICSection", sicSection));

• Equipment Away Loading (equipmentAwayLoading): This factor is calculated by multiplying the equipmentAway value with a loading obtained from the dataset CC_EquipmentCoverLoadings. The dataset is accessed using the parameter EquipmentAwayFromPremises set to Away. This loading reflects the increased risk associated with electronic equipment being away from the premises. The calculation is given below:

  equipmentAwayLoading = equipmentAway * DataSet("CC_EquipmentCoverLoadings", ("EquipmentAwayFromPremises", "Away"));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by summing the base rate and the equipment away loading, and then multiplying the result by the smeTypeCoefficient. Finally, the premium amount is divided by 1000 to ensure the appropriate adjustment and determine the final premium amount for the Electronic Equipment coverage. The calculation is given below:

  premiumAmount = (baseRate + equipmentAwayLoading) * smeTypeCoefficient / 1000;

The CC_EmployersLiability premium calculation formula is used to determine the premium amount for the Employers' Liability coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the number of employees (employeesNo) with the cost per employee obtained from a dataset called CC_EmployeeLiabilityCoverRating. The dataset is accessed using the parameter CostPerEmployee along with the number of employees. This base rate represents the fundamental rate for the Employers' Liability coverage and is proportional to the number of employees. The calculation is given below:

  baseRate = employeesNo * DataSet("CC_EmployeeLiabilityCoverRating", ("CostPerEmployee", employeesNo));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient. The result represents the final premium amount for the Employers' Liability coverage. The calculation is given below:

  premiumAmount = baseRate * smeCoefficientType;

The CC_PublicLiability premium calculation formula is used to determine the premium amount for the Public Liability coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the number of employees (employeesNo) with the cost per employee obtained from a dataset called CC_EmployeeLiabilityCoverRating. The dataset is accessed using the parameter CostPerEmployee along with the number of employees. This base rate represents the fundamental rate for the Public Liability coverage and is proportional to the number of employees. The calculation is given below:

  baseRate = employeesNo * DataSet("CC_EmployeeLiabilityCoverRating", ("CostPerEmployee", employeesNo));

• SME Type Coefficient (smeTypeCoefficient): The SME type coefficient is obtained from a dataset called "CC_SMETypeCoeff" using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient. The result represents the final premium amount for the Public Liability coverage. The calculation is given below:

  premiumAmount = baseRate * smeCoefficientType;

The CC_Terrorism premium calculation formula is used to determine the premium amount for the Terrorism coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate: The base rate is calculated by multiplying the number of employees (employeesNo) with the cost per employee obtained from a dataset called CC_EmployeeLiabilityCoverRating. The dataset is accessed using the parameter CostPerEmployee along with the number of employees. This base rate represents the fundamental rate for the Terrorism coverage and is proportional to the number of employees. The calculation is given below:

  baseRate = employeesNo * DataSet("CC_EmployeeLiabilityCoverRating", ("CostPerEmployee", employeesNo));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient. The result represents the final premium amount for the Terrorism coverage. The calculation is given below:

  premiumAmount = baseRate * smeCoefficientType;

The CC_Cyber premium calculation formula is used to determine the premium amount for the Cyber coverage within a commercial combined insurance product. This documentation provides a detailed explanation of the formula and its steps.

The following components are used in the formula:

• Base Rate (employeesNo): The base rate is calculated by multiplying the number of employees with the cost per employee obtained from a dataset called CC_EmployeeLiabilityCoverRating. The dataset is accessed using the parameter CostPerEmployee along with the number of employees. This base rate represents the fundamental rate for the Cyber coverage and is proportional to the number of employees. The calculation is given below:

  baseRate = employeesNo * DataSet("CC_EmployeeLiabilityCoverRating", ("CostPerEmployee", employeesNo));

• SME Type Coefficient (smeTypeCoefficient): This coefficient is obtained from a dataset called CC_SMETypeCoeff using parameters such as the revenue of the business and the number of employees. It represents the coefficient applied to the premium calculation based on the Small and Medium-sized Enterprises (SME) type. The calculation is given below:

  smeTypeCoefficient = DataSet("CC_SMETypeCoeff", ("Revenue", revenue), ("EmployeesNo", employeesNo));

• Premium Amount: The premium amount is calculated by multiplying the base rate with the smeTypeCoefficient. The result represents the final premium amount for the Cyber coverage. The calculation is given below:

  premiumAmount = baseRate * smeCoefficientType