This section allows users to record recovery reserves and receipt funds against the following categories (configurable for each client):

• Contribution
• Excess
• Excess Overpaid
• Overpayment
• Recovery
• Recovery Agent
• Salvage
• Third-Party Direct
• Third-Party Insurer

Add a recovery reserve to the claim

• Select ‘FINANCIALS’ from the left-hand side menu.
• Click the ‘ADD RECOVERY’ button.
• A pop-up window will display.
• Select the party that you wish to record the recovery against from the ‘PARTY’ field.
• Choose the coverage type associated with the recovery from the ‘COVERAGE TYPE’ drop-down.
• From the ‘RECOVERY TYPE’ field, you will be able to select recovery types linked to the coverage selected above.
• You should add separate recovery reserves for the different recovery types expected on a claim for example – Salvage, Excess, Recovery from Third Party.
• Enter the reserve amount in the ‘AMOUNT’ field. You can enter a number or use the scroll tool.
• Click ‘SAVE’ to apply the recovery reserve to the claim.
• Note: In most cases both Coverage Type & Cost Types are preconfigured and client-specific.

Edit a recovery

• Click the pencil icon next to the recovery that you wish to edit.
  • A pop-up window will display.
  • Updating the Coverage Type will also require a new Cost Type.
  • Enter updated recovery amount.
  • If recovery amount has been reduced, select ‘REASON FOR CHANGE’.
  • Click ‘SAVE’ to apply your changes to the reserve.

Delete a recovery

• Note: A recovery cannot be deleted once a payment has been recorded against it.
• Click the bin icon next to the recovery you wish to delete.
  • A pop-up window will display asking you to confirm that you want to delete the selected recovery.
  • Click ‘DELETE’ to delete the recovery.