This article shows you how to set up an Insurance policy as a contract in Contractpedia.
Go to Contracts → ➕ Add new contract button and follow the steps below to fill in each section correctly.
General information #
Contract name:
Enter the name, e.g “Insurance Policy Contract”.
Company name:
Select the insurance company, or click Add new to quickly create it.
Status:
Select Active if the contract is ongoing. Select Archived or Terminated if the policy has expired or been terminated
Category:
Choose Insurance, or create a new category via Add new.
Contract number:
Enter your internal reference number if you use one; otherwise leave it blank.
Connections #
Responsible person:
Select the person who manages the contract, or create one using Add new.
To receive automatic to-dos and reminders, this person must be a Contractpedia user. Make sure their person record is linked to their user account.
Location:
Choose the location this contract belongs to.
If your company has a single location, simply use one called Main Location.
Department:
Type the department responsible, e.g. Administration or Finance.
Linked assets:
This field is optional. If the insurance policy covers a specific asset, you can link it here. Examples:
- Car insurance → link the vehicle
- Property insurance → link the building or office
- Equipment insurance → link the equipment
If the insurance is not tied to a specific asset, such as general liability insurance, business interruption insurance, or professional indemnity, linking an asset is not necessary.
Dates & periods #
Start date:
Select the start date of the insurance policy contract.
Expiration type:
Choose Fixed period.
Contract period:
Enter the duration, e.g. 12 months.
End date:
If you selected a contract period, you can ignore this field.
Automatic renewal:
Select the renewal period if the contract renews automatically. (e.g. 12 months).
Termination notice:
Select the notice period from your contract, e.g. 30 days.
This is the period before the end date during which you must notify the insurance company if you want to cancel.
Renewal limit:
Usually left blank for insurance policies. Some commercial policies may have limited renewals; fill in if applicable.
(Used only if a contract can renew a limited number of times)
Denunciated:
Skip this unless the contract is being terminated. If relevant, enter the Actual termination date and Actual expiration date
Financial information #
Type:
Select Expense (you pay the insurance company).
Fee name:
Enter your annual premium and any additional fees (e.g., administration fee, policy fee, or tax). You can add multiple fees if applicable.
Amount:
Enter the amount, e.g. 3600 for €3600 per year.
Period and period type:
Set how often the fee recurs.
One-time → Once
Monthly → 1 | Month
Yearly → 1 | Year (or 12 | Month)
Billing start date:
Optional. If you don’t enter a date, it will automatically use the contract start date.
Use a Billing start date when the fee begins later than the contract start date.
Billing end date:
Optional. Use this for example when a fee stops before the contract ends. If you leave Billing end date empty, the fee continues and will also be used during automatic renewals.
(If your last payment occurs after the contract end date, set a Billing end date so it is included in calculations.)
Estimated value:
Tick this box if the payment amount can vary (e.g., index-linked or usage-based premiums).
Index terms:
Informational only. Enter any indexation details if relevant.
Payment terms:
Describe how and when payments should be made (e.g. Net 30, Pay within 10 days, etc.).
Files #
Attachments:
Upload related documents via drag-and-drop or file selection.
External links:
Add links to documents stored on cloud platforms or servers (press Enter to add each link).
To-do #
Create automatic to-dos:
Keep this box checked to enable automatic-renewal to-do reminders. You don’t need to fill in any to-do details — the system will create them and assign them to the Responsible person. You can add extra to-dos if you want.
Comments #
Comments field:
Optionally add internal notes about this contract.
When finished, click Save.
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