A policy's Effective Date (Contract Term) will always be the year it is in force, as shown below the policy number.
On the policy sidebar is the Effective Date (Most Recent Transaction), which indicates the date of the last change endorsement issued by the agent or Openly within the calendar year.
If the policy has not been issued yet
You can change the effective date of the contract term by going to the Coverage tab in the Portal. Notice that this quote is good to issue until Oct. 13, 2024. If the policy isn't issued before or on this date, a new quote must be started.
If the policy is issued
You may only update a policy's contract term for issued policies that are not yet effective. Outside of that time period, you may contact our Customer Experience Team via webform or chat to request the change.
To change the Effective Date (Contract Term):
1. Open any issued policy from the search screen by clicking Manage.
2. Select New Transaction.
3. Select Change Policy Effective Date, then Create.
4. Choose the new effective date, and you’ll see a summary of any premium changes. (Right-click and choose Open Image in New Tab to view larger.)
5. Click on the Next button to see the review of the change.
6. Click on the Issue button, and you will get confirmation of the change and be notified that new documents are available.
7. Click the View Documents button to view the new documents.
To learn more about how the Effective Date (Contract Term) can impact a premium, see our articles How Does a Policy's Effective Date Change the Premium? and What Is the Advanced Quote Discount?
For further assistance, contact us via our webform or Live Chat.