Creating recoveries and recovery reserves

Recovery and recovery reserve dependency criteria

A recovery reserve is an object that defines the amount of money you anticipate receiving for a claim, such as for subrogation or salvage. A recovery can reference a recovery reserve to specify the amount of money received going towards the recovery reserve total, whether that be a partial amount of the recovery reserve’s total amount of money received.

You can also create a recovery without a referenced recovery reserve, in which case the recovery automatically creates the recovery reserve. The recovery reserve is created for the recovery; creating a recovery without a recovery reserve assumes that the full amount the money received in the reserve is the total expected amount of the recovery reserve.

Recoveries, recovery reserves, and exchange rates

ClaimCenter had multiple data models for storing exchange rate information. Each model makes use of a different schema. If your instance of ClaimCenter supports multicurrency and you are specifying exchange rate information in a recovery or recovery reserve, then the payload must make use of the schema that corresponds to the exchange rate data model that ClaimCenter is currently using. For more information, see Exchange rate information for transactions.