Quote Price Details

After you get an active quote, you can see the price details using [.h-code]GET[.h-code] [.h-endpoint-link]/quotes/{quote_id}[.h-endpoint-link].

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{
    "price_details": {
        "premium": {
            "total": 500,
            "breakdown": null
        },
        "institution_surcharges": {
            "total": 50,
            "breakdown": [
                {
                    "amount": 50,
                    "text": "Underwriting Fee",
                    "type": "fee"
                }
            ]
        }
    }
}
 

Each institution (ie carrier) returns different price details. For example,

• Institution 1 may return a the total Premium and no other details: Premium ($500),
• Institution 2 may return a Premium breakdown by coverage instead: Privacy ($400) & Crime ($100),
• Institution 3 may return both details: Total Premium ($500), Privacy ($400) & Crime ($100).

Herald standardizes these costs so that you can build a cohesive front end experience across institutions. When we cannot reasonably return price details for a quote, we will return a value you can expect (spoiler: it will be [.h-code]null[.h-code]).

What to expect

High level categories

Today, price details are organized into high level categories nested in a [.h-code]price_details[.h-code] object:

For certain products, an institution may provide additional price details which are broker-defined and government-defined. Given the inconsistency across carriers, Herald does not return these additional details today.

Breakdown and total expectations

For the categories above, price details may include a [.h-code]total[.h-code] and further [.h-code]breakdown[.h-code] of charges within the category. Let’s start by understanding a breakdown.

What to expect in a breakdown

When available for a product, the [.h-code]breakdown[.h-code] will be a list of charges associated with the high level category. For example,

• an “Underwriting Fee” or “Policy Fee” is a surcharge for the policy that is added on top of the premium, therefore we return it under [.h-code]institution_surcharges[.h-code],
• whereas TRIA is defined by institutions as part of the premium cost for the policy, therefore we return it under [.h-code]premium[.h-code].

Each charge in the [.h-code]breakdown[.h-code] should have the following details:

[.icon-circle-blue][.icon-circle-blue] Over time more details may be added as Herald’s product expands.

What types to expect

Types are unique and mutually exclusive values used to group charges together. You can key off types to organize your front end experience. We will give advanced notice for any modification or additions to types. Types you can expect today and for which category:

What to expect for total

The [.h-code]total[.h-code] can be a positive or negative dollar amount ≥ [.h-code]0[.h-code] or [.h-code]null[.h-code].

• For example, a [.h-code]total[.h-code] of [.h-code]50[.h-code] corresponds to $50.00.
• A [.h-code]total[.h-code] of [.h-code]0[.h-code]  communicates that there are no charges associated with the category.
• A [.h-code]null[.h-code] [.h-code]total[.h-code] communicates we have identified instances where the institution does not return all price details via API and therefore we cannot return a total. For example, an institution only returns a $50 “Underwriting Fee”, however there may also be a $10 “Service Fee” listed in the Quote Documents for certain quotes. Since we are missing the $10 fee, we are unable to return a total. We recommend directing the insured to the Quote Document (retrieved using files) or Institution Portal (returned in the quote response) to seek additional price details if the [.h-code]total[.h-code] is [.h-code]null[.h-code].

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{
    "institution_surcharges": {
        "total": null,
        "breakdown": [
            {
                "amount": 50,
                "text": "Underwriting Fee",
                "type": "fee"
            }
        ]
    }
}
 

When a [.h-code]total[.h-code] and [.h-code]breakdown[.h-code] are returned, we will guarantee that the sum of [.h-code]amounts[.h-code] in the [.h-code]breakdown[.h-code] equals the [.h-code]total[.h-code].  When there is a missing charge via the institution API, Herald will generate an object in the [.h-code]breakdown[.h-code] with [.h-code]type: remainder[.h-code] to account for a missing value. We recommend directing the insured to another source to see details for the remainder.

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{
    "institution_surcharges": {
        "total": 70,
        "breakdown": [
            {
                "amount": 50,
                "text": "Underwriting Fee",
                "type": "fee"
            },
            {
                "amount": 20,
                "text": "Other Institution Surcharge",
                "type": "remainder"
            }
        ]
    }
}

 

[.icon-circle-blue][.icon-circle-blue] There is no total that sums all category totals. You can sum categories to meet your needs. For example, you may calculate a grand total summing the Herald-returned Premium + Institution Surcharges + any additional fee that you charge and present on your front end. 

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