Cancelling a Policy

Sometimes a policy needs to be cancelled before the end of the policy term.
BrokerCentral makes policy cancellations quick and straightforward, with automatic calculations, built-in checks, and seamless credit note creation.

Navigate to the Policy you wish to cancel.

Click the Actions button (the three-line menu in the top-right corner) and select Cancel Policy. This will open the Policy Cancellation window.

Select the effective date and time of the cancellation.

As you do this, BrokerCentral will display:

If you're happy with the suggested figures, click Fill Premium to automatically populate the return premium throughout the form.

Alternatively, you can manually enter or amend any of the financial figures if required.

Note: If entering a return premium manually, always enter it as a positive value.

Select a Reason for Cancellation, review the figures, then click Confirm Policy Cancellation.

The policy will immediately be marked as cancelled.

Once a cancellation has been confirmed, BrokerCentral automatically creates a task prompting you to issue a Credit Note. This can then be created and sent to the client with just a few clicks.

To review a cancelled policy, open the client's Policies page.

Cancelled policies remain visible and are clearly identified with a Cancelled status.

Each cancelled policy also includes a linked Cancellation Record (we refer to this as as a shell policy), which stores the details of the cancellation, including:

This provides a complete audit trail while preserving the original policy.

If you need to reverse a cancellation, simply return to the original (parent) policy.

Click the Actions button (three-line menu) and select Undo Cancellation.

The cancellation will be reversed, allowing you to continue working with the policy as normal.