• Open the customer profile in bond
• If the policy you are cancelling is not displayed in the policy card section, click on the policy icon and select the policy you would like to cancel.
• Once the respective policy has been selected, click on the “Cancel Policy” action button from the actions panel.  Shown here:

 

 

• A new tab will open and you will be asked to complete the fields to submit the cancellation. 

 

Before proceeding with the cancellation it is worth considering some additional processes required IF a payment is being Disputed by the customer.  Please review this article for more information: Disputed payments. 

 

Here is an image of the cancellation tab, with the fields that require completion:

 

 

 

 

1. Cancellation reason: 

• Choose the appropriate reason for the cancellation. 
• This reason will feed through to the brokerage reports in insights, so ensure it is accurate so that you can ensure reporting statistics remain reliable.
• The reason will also be shown in the email to the insured, so it must be appropriate. 

 

2. Release of interest received? The answer is Yes or No. 

• Yes = confirms that you have received the signed cancellation from the relevant Insureds and will not generate any activities for you to collect any documents from the customer.  This will also NOT trigger an email to the customer that they need to sign to confirm the cancellation (they have already!) You may see a pop-up to show that when you select either Flat Cancel or Yes to Release of Interest received. This warns you that because of either of those selections, no email will be sent to your customer with a requirement for them to accept the cancellation.
• No = confirms that you have not received the signed cancellation from the Insured/s and will trigger an email to the customer.  This email advises them to click a link to accept and cancel the cancellation and is valid for 24 hours. *** Please note that if there is an additional insured, they too will need to sign within this 24-hour timeframe.**  See the Release of Interest section at the bottom of this article. 
• Note: For Renters/Tenants policies with a Roommate, only the Named Insured will be required to sign a release of interest.

 

3. Phone number:

• This is an optional field, and you can complete an alternative telephone number for the customer, or the one in bond will be brought through to this field.

 

4. Effective Date:

• This is the date that the customer wants to cancel the policy from and the date the cancellation will go into effect. 

 

5. Flat Cancellation:

• This cancellation type refers to cancelling the policy from the date it started as if it was never in force. 
• One example of when this could be used is if the customer arranges a policy on June 15th, 2021 and it is to incept (start) on July 1st, 2021, but you then are advised that the policy needs to start earlier. You then canceled the policy on June 20th, 2021.  The insurance policy has not started, so a flat cancellation could be chosen. When you are selecting flat cancellation, you should put the date as the effective date (the date that the policy term would have started), the platform will default to that date when Flat Cancel is selected.  The policy cancels at the same time it would have started.  
• If the flat cancellation is a date in the past causing a backdated cancellation, it will require special permissions to process. The permission is found in the admin module and is called "Backdate Policy Change/Cancellation". Your Digital Champion can assign permissions in the admin module or they can process the cancellation themselves as they will already have that permission. You might be able to select a date in the past or select Flat Cancel and this will set the cancellation date to the past, but you will not be able to proceed with Submit, without that permission. 
• If you select the Flat Cancel button, the date on the cancellation calendar will revert to the date that the policy will have started, this may be in the past and, as mentioned, not all users will have permission to backdate.  You MUST only backdate if you have permission from the insurers to do so. 
• You may see a pop-up to show that when you select either Flat Cancel or Yes to Release of Interest received. This warns you that because of either of those selections, no email will be sent to your customer with a requirement for them to accept the cancellation.
• Important: With Flat Cancel the customer will not receive an email to accept the cancellation as it is assumed that the broker is reissuing the policy with the correct date.

 

6. Note:

• This is an optional field. You can use this area to provide notes on the cancellation.     

When all of the above-mentioned fields are complete:

• Select Calculate to see what the transactions will look like for the cancellation.   You have to select this first, or the Submit button will stay greyed out and you won't be able to cancel.
• Then select Submit to complete the cancellation.  (If you cannot Submit, this could be because of the reasons above regarding permissions).
• Your customer gets confirmation, you will see this on the Activity. A Cancellation Activity appears in bond for you.  If the signed release is already received, the cancellation will be completed, and transactions will appear in the Transactions Summary in bond.

 

 

 

• Selecting No when completing the Release of Interest received field, confirms that you have not received the signed cancellation from the Insured/s and will trigger an email to the Insured or all Additional Named Insureds. 

 

This email advises them to click a link to complete the cancellation and is valid for 24 hours. Both the primary named insured and any additional insured will need to click and acknowledge the cancellation before the 24 hour expiry. If the expiry happens before obtaining both acknowledgments, you will need to process the cancellation again to obtain new links. This will void any links or acknowledgments received on the 1st cancellation process.   

 

 

 

After the customer clicks the Cancel Policy link, the Policy Cancellation Agreement opens and they have to tick the box (to confirm that they have read and understood the terms and conditions of the release of interest) and then Accept and Cancel.  Shown here:

 

 

The customer will then receive an email confirmation that their policy is complete.  They also receive, as attachments:

 

• The Insurance Policy confirming cancellation and any balances. 
• The Cancellation Agreement Terms (a copy of the above image they clicked and accepted) for them to keep.

 

Here is an example:

 

 

 

If the link is not used to Accept the cancellation, then the policy will not cancel.  You must contact your customer as the cancellation could be time-sensitive.

 

See the next section of this article to learn how to resend this email with the link, if the 24 hours have passed.

 

 

 

The customer might try to accept the link after 24 hours have passed, but they will receive this message:

 

 

• As shown above, the customer can log into their pocket account and process the cancellation again or contact the broker.
• Resending the link, WILL resend it. But the above message will reappear, that 24 hours have passed, so it is invalid.
• You will be required to go to the Cancel icon again and process the cancellation over again. 
• This will close the previous cancellation activity (for the original cancellation request), and create a new one, with 24 hours to accept again. 

• All insureds need to acknowledge the link within the 24 hour time frame for the cancellation to process properly.

 

When the customer has accepted, the activity will close and the note will update, like this:

 

 

 

 

• A signature from additional named insureds is required, except those on Renter's policies (roommates are not required to provide one).
• A cancellation link will be sent to them too when a cancellation is processed and they will also need to complete the above process to approve the cancellation.
• When all customers/insureds have accepted the policy cancellation, as shown above, an Activity appears in bond, noting that the cancellation is accepted, like this:

 

 

 

There will be an activity created when the cancellation screen has been completed, here is an example:

 

 

If the customer has not received the email to cancel, you can resend it (within 24 hours) using the Action icon, shown here:

 

 

 

 

• When a broker selects Yes for Flat Cancel Or Yes to Release of Interest received then NO EMAIL is sent to the customer to confirm and the cancellation is processed immediately.
• The activity is also already closed, so there will be no action to Close the Activity either, Unassign, or Assign.  It is closed because no further action is required in this scenario. 

 

 

 

If the answer to Flat Cancel is No AND the answer to Release of interest received is No

THEN

an email will be sent to the customer. 

 

Once the email is accepted by the customer, the activity automatically closes.  There are limited actions available from the activity if all insureds have accepted the cancellation and the policy is cancelled.

 

Only the following actions will appear as options under that cancellation activity actions:

 

• Contact Client
• Add Note
• View Dec

 

Assign, Un-assign, and Close, Resend Cancellation, and Cancel Pending Cancellation are no longer relevant. (These options should only be available if Activity is Open and not all Insureds have accepted cancellation).

 

 

• The Payments screen in bond will update with any relevant transactions for refunds or monies owed (adjustments from cancellation will not be applied to outstanding NSF payments). As we can see in our example below, the $19.45 refund confirmed in the email to the customer, now shows in bond.

 

 

The transactions summary will also show the transactions that occurred, following the cancellation, like here:

 

 

View/Email Policy screen will show the Cancellation document that has been sent to the customer, like this:

 

 

When there is a bank account payment, these can take longer to clear (usually 3-5 business days). The pending payment has to clear or decline first, so when the system calculates the refund for the cancellation, it accounts for that payment clearing or declining.

 

 

When you are trying to process a change you may see this error pop up:

 

 

This is a warning that the policy is in the state of Pending Cancellation and therefore no changes can be processed.

 

An example of when you might see this is if you are trying to edit the Customer address in the Customer Profile screen, using the edit pencil, shown here: 

 

 

This edit feature allows you to change the policy, but without using the Change Policy icon.  However, you should not be able to perform any changes to the policy while it is in a Pending Cancellation state, either by registered letter or customer-requested cancellation. 

 

 

 

If you have a customer who wants to renew the policy but needs to cancel after the renewal date, you will have to wait for the renewal date to pass so that you will be able to cancel.

 

Here is an example;

 

The customer has a renewal date of December 18th, 2021, which is a date in the future (today is December 13th, for example).

The customer would like to cancel the policy on January 3rd, 2022.

The platform will only allow you to cancel within the current policy period and therefore the date available in the Cancel screen only goes UP TO that renewal date. Shown here:

 

 

The system will only allow a change within this current policy period (up to the renewal date), so you will have to wait for the new policy period, to process the cancellation.

Suggest setting an activity for the renewal date, to proceed with cancelling from the desired, future date. 

 

 

 

• If the cancellation has not been accepted by the Insured/s within the designated period (the link is valid for 24 hours) you can repeat the cancellation process to reissue the cancellation request.
• Resending the link will only complete the cancellation if it is within the original 24 hours of processing the cancellation. 
• Have all additional named insureds also provide their consent to cancel.
• If the Submit button is greyed out when you are trying to complete the Cancellation screen, check the date that you are trying to cancel, check that you are not trying to backdate and you do not have permission to, check whether you are trying to Flat Cancel and if the date on the cancellation calendar is correct/in line with the Flat Cancel date. 

 

 

SGI policies may refer to SGI for processing. You will be able to proceed with cancelling the policy in the platform, however, there will be this message:

 

 

The payments will be put on hold and screen messaging along with an activity will confirm the status of the file. Shown here: 

 

 

Any activity will auto-close once SGI has processed that cancellation on their end.

 

You will also be able to check the process is complete by seeing:

• Return of premium on the payments screen.
• Cancel transaction on the Transaction Summary tab.
• Cancel the document in the View / Email policy screen.