How To Mio©: Introduction - M&A Projects & Requirements Explained
Welcome to the How to Mio© guide for M&A Projects on the io.insure platform.
In this series, we will walk you through every step from start to finish in procuring coverage for your M&A transaction. This first article is intended to introduce you to the series and our concepts, the Stages, requirements and progression steps within Mio© M&A Projects.
Mio© M&A Projects are split into 4 Stages, and some items differ for Buyer-Side Policies and Seller-Side Policies. Additionally, some processes, workflows and screens are different for Buyers and their advisor(s) vs Sellers and their advisor(s). To keep access to the information simple, anytime variations for these exist within the documentation, you will be prompted to choose between these options by clicking on the policy-type or role you are acting as for the specific steps that apply to you.
The 4 Stages to every Project are the following:
Stage 1: Project Set-up
Stage 2: Quote Pack
Stage 3: Binder Pack
Stage 4: Signing & Completion
These stages, and the steps required within these stages are explained below as you navigate through them.
Throughout your progress in a Mio© M&A Project, you will be guided by the Project progress bar.
This bar will show you what the active stage is within your project, and will indicate your progress through steps required within each stage until project completion.
Please use the arrows to the left and right of the below progress bar to walk through the progression of the io.insure M&A Project workflow from start to finish. Each of these stages and underlying steps are further explained within the articles that comprise the How to Mio© guide, available in the menu to the right of this article.
The same progress bar is placed at the top of each of those articles, detailing underlying steps in the series. Within these articles, the navigational arrows on either side of the progress bar will bring you to the next or previous article, unlike the below preview version.
For any additional information or for help with anything io.insure, please contact us.
Mio© M&A Project Workflow Explained:
Please use the below dynamic progress bar to walk through the Mio© M&A Project workflow.
The arrows on either side of the below progress bar will allow you to navigate from one step to the next, as if you were progressing within the application.
The first Stage of a Mio© M&A Project is the Setup Stage.
In this Stage, we will Provide the core information on the Project: it's type, name, participants, and optionally any Hold Harmless Letters. Once this information is collected, all participants must sign mutual NDAs to complete Stage 1.For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The second Stage of a Mio© M&A Project is the Quote Pack Stage.
In this stage, all of the information required to quote the insurance will be provided, reviewed and signed by the project participants.Once signed, Fusion underwriters will evaluate and provide a quote pack for selection.
The "Filling Forms" portion of the Stage Pertains to the upload of required documents and the filling of a 2DF© (Digital Disclosure Form) on the Seller-Side and/or a 3DF© (Digital Due Diligence Form) on the Buyer-side. Once the information is uploaded and the forms completed, they are to be reviewed then signed before underwriting is initiated.
Please note 2DF© and 3DF© are further explained in Mio© 3DF© and 2DF©: Explained
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The second Stage of a Mio© M&A Project is the Quote Pack Stage.
In this stage, all of the information required to quote the insurance will be provided, reviewed and signed by the project participants.Once signed, Fusion underwriters will evaluate and provide a quote pack for selection.
The "In underwriting" portion of the Stage occurs after all document uploads and 2DF©/3DF© form(s) are completed, reviewed and signed. At this point, Fusion underwriters will evaluate and provide quotes back for your selection.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The second Stage of a Mio© M&A Project is the Quote Pack Stage.
In this stage, all of the information required to quote the insurance will be provided, reviewed and signed by the project participants.Once signed, Fusion underwriters will evaluate and provide a quote pack for selection.
The "Quotes Ready" portion of the Stage occurs after Fusion underwriters evaluate and provide quote(s) back for your selection. Selecting the Insurer to proceed with at that point completes Stage 2.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The third Stage of a Mio© M&A Project is the Binder Pack Stage.
In this Stage, the information collected and uploaded in Stage 2 will be updated as needed. Similarly to the previous stage, the information will then be reviewed, documents signed and underwriting performed by Fusion for the Binder Pack to be provided. The difference with Stage 2 is that the entirety of the information does not need to be provided and scrutinized, only any changes made to the previously provided information.The "Filling Forms" portion of the Stage Pertains to the updating of any required documents and information filled within Disclosure and/or Due Diligence in Stage 2. Once said updated completed, they are to be reviewed then signed before underwriting is initiated.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The third Stage of a Mio© M&A Project is the Binder Pack Stage.
In this Stage, the information collected and uploaded in Stage 2 will be updated as needed. Similarly to the previous stage, the information will then be reviewed, documents signed and underwriting performed by Fusion for the Binder Pack to be provided. The difference with Stage 2 is that the entirety of the information does not need to be provided and scrutinized, only any changes made to the previously provided information.The "In underwriting" portion of the Stage occurs after all document uploads and 2DF©/3DF© form(s) updates are completed, reviewed and signed. At this point, Fusion underwriters will undergo final evaluation and provide final quotes for your review.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The third Stage of a Mio© M&A Project is the Binder Pack Stage.
In this Stage, the information collected and uploaded in Stage 2 will be updated as needed. Similarly to the previous stage, the information will then be reviewed, documents signed and underwriting performed by Fusion for the Binder Pack to be provided. The difference with Stage 2 is that the entirety of the information does not need to be provided and scrutinized, only any changes made to the previously provided information.The "Quotes Ready" portion of the Stage occurs after Fusion underwriters re-evaluate and provide a final quote back for your confirmation.
From there, the insured can confirm the quote, allowing to complete Stage 3.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The fourth/last Stage of a Mio© M&A Project is the Signing & Completion Stage.
This Stage is triggered upon accepting a Binder Pack in Stage 3.In this Stage:
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The Execution SPA and Disclosure Letter is uploaded.
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The Signing NCD (No Claims Declaration) is executed.
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Fusion issues the policy.
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An invoice is issued and settled on signing.
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The parties confirm completion.
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The Completion NCD (No Claims Declaration) is executed.
The "In Execution" portion of the Stage occurs when the SPA is executed or awaiting to be executed, and the signing NCD is to be signed.
Once the Signing NCD is signed, the stage will be moved to the next one
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The fourth/last Stage of a Mio© M&A Project is the Signing & Completion Stage.
This Stage is triggered upon accepting a Binder Pack in Stage 3.In this Stage:
-
The Execution SPA and Disclosure Letter is uploaded.
-
The Signing NCD (No Claims Declaration) is executed.
-
Fusion issues the policy.
-
An invoice is issued and settled on signing.
-
The parties confirm completion.
-
The Completion NCD (No Claims Declaration) is executed
The "Signed" portion of the Stage occurs when the executed SPA is uploaded, and the signing NCD is signed via Docusign.
From this point, the payment is to be made, and the Completion NCD signed via Docusign on the platform.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
The fourth/last Stage of a Mio© M&A Project is the Signing & Completion Stage.
This Stage is triggered upon accepting a Binder Pack in Stage 3.In this Stage, we will:
-
The Execution SPA and Disclosure Letter is uploaded.
-
The Signing NCD (No Claims Declaration) is executed.
-
Fusion issues the policy.
-
An invoice is issued and settled on signing.
-
The parties confirm completion.
-
The Completion NCD (No Claims Declaration) is executed
Once the Completion NCD is signed, the Stage will appear as "Completed".
As much as the last stage of the Project is at this point complete, the Project is not considered completed in the system until payment receipt is acknowledged in the back-end.
For more information on this stage, click on the below link, otherwise please select the next step in the Project workflow by clicking on the arrow to the right of the progress bar above.
As soon as receipt of the policy payment is acknowledged on the back-end, (under the condition the Completion NCD is signed as well from the previous step)...
The Project is Complete.
Congratulations, and thank you for your contributions to io.insure.
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