16. Gross Written Premium (GWP)16. Gross Written Premium (GWP)

16. Gross Written Premium (GWP)

In this field insert (your co-insured share of) the gross written premium for the exposure of this policy. Exclude all statutory charges (Stamp Duty, GST, and also exclude Fire Service Levies) but include others costs (such as commissions and instalment charges).

Where a number of risks are reported separately, only the premium associated with that risk should be reported.

For endorsements and cancellations, the incremental change in GWP should be stated.

For the principle policy, the GWP must be reported in each and every reporting period, i.e. the original GWP amount will be reported each time the record is reported.

For an endorsement, the incremental change in GWP should be reported. For example, if the original policy was for $1,000, and an endorsement to the policy increased the total premium by $200, to $1,200, then $200 should be reported as the GWP on the endorsement record.

For a cancellation, the reported GWP amount will be the amount (if any) refunded to the policy holder, stated as a negative amount. Negative numbers should be reported with a minus sign '-'.

Where records are aggregated due to duplication of the unique record key, the GWP must be the combined value of the GWP for all of the aggregated records.