You are here:
Example: Adding a New Asset Midterm
Petromax Carburettor has an issued Commercial Liability policy (MX430-1121) effective from 1 Jan 2026 to 31 Dec 2026. On 15 Mar 2026, Petromax purchases a new machine, High Speed Twister MC, and requests coverage for Product Liability.
- Open the issued policy and click Endorse.
- Enter 15 Mar 2026 as the endorsement effective date and save your changes. A new policy version with stage Draft Endorse is created.
-
Add these details in the Draft Endorse policy:
- New asset High Speed Twister MC
- Product Liability coverage under the asset
- Associated tax surcharge
-
Click Issue Endorsed Policy.
The system performs proration, aggregation, and transaction breakdown.
Resulting Policy Versions
- Original version: Effective from 1 Jan 2026 to 14 Mar 2026
- Endorsed version (v2): Effective from 15 Mar 2026 to 31 Dec 2026
Both versions together represent the full policy term. You can view all versions created through endorsements in the Derived Policies related list on the original (mother) policy.
Did this article solve your issue?
Let us know so we can improve!
