When you perform updates to Coverage Items from the Coverage Clipboard, they then make automatic updates to related Opportunities and in turn your Forecasts will change as well.
When you update Coverage Items from the Coverage Clipboard at any level Opportunities and Forecast also update as follows:
Add To Quote: Will update Coverage Item's Renewal Status and Opportunity Status to QUOTED and update the Forecast probability.
Batch Record Renewal will update Opportunity to WON, the Coverage Item's Renewal Status to RENEWED and update the Forecast as well.
As you will be able to see from the Coverage Expiration Reports, the Coverage Items will be chained to link from current Item to the renewed item and back so that you can at a glance see which item has been renewed and in what manner.
Renewed and Renewed From is linked from Status in the Reports as shown below:
If you drill down to the Coverage Item level you will see the same updated Statues and links in the Contract section of the Coverage Detail Page.
These changes then reflected down the chain of Coverage Items.