Create and Edit Premium Rates
Premium Rate Overview
Tinubu Surety for Carriers (TSC) gives users the ability to create and set premium rates.
The premium rate feature allows the bond administrator to define and maintain the sliding cost scales used to calculate the cost of bonds that have variable rates. Rates are typically in dollars per unit, and a unit is typically $1,000.
For example, a premium rate might define the cost for the first $100,000 of penalty to be $6.00 per unit, the second $100,000 of penalty to be $4.00 per unit, and anything in excess of $200,000 to be $3.00 per unit. These individual costs are referred to as the "rate items" for that premium rate.
For example, a $350,000 bond would cost the applicant:
$600 ($6 x 100 units)
+ $400 ($4 x 100 units)
+ $450 ($3 x 150 units)
= $1450.00
Accessing Premium Rates
Select Reference Tables/Rates/Premium Rates.
Creating a Premium Rate
Select Create from the bottom left of the screen.
Complete the required information.
A flat rate is a fixed dollar amount of premium.
A percent rate is a dollar amount which is charged per unit of penalty.
Select Submit.
Select Back to List to return to the Premium Rates page.
Editing a Premium Rate
Select Edit on the Premium Rate screen to modify the premium rate.
Refer to the first image if you are unable to locate the edit link.
The premium rate fields will appear and can be modified to the desired new values.
Select Submit to save the changes.
Select Back to List to return to the Premium Rates table.
When a Premium Rate is changed it will remain static for the Life Cycle of a Current Bond Term.
When a bond is purchased, the premium rate set at the beginning of a bond’s term will not update with any changes made to the premium rate table during additional actions.
The premium rate will update at the time of renewal to include any changes made to the rate designation on the configuration.
This will not take effect if the base premium is permanently overridden, carrying the overridden amount into the next renewal
Inactivating a Premium Rate
Find the premium rate and select the Inactivate button at the end of the record.
You will be prompted to confirm or cancel your action.
Reactivating a Premium Rate
To reactivate an inactivated premium rate, select Recover Inactive Records at the bottom of the table. as shown in the image above.
Select the Reactivate button.
You will be prompted to confirm or cancel your action.
The rate will now be active.
Select Back to Active Items to return to Active Premium Rates.
