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Frequently Asked Questions
Q: Do you only finance policies that are written with your in-house General Agents or do you work with other General Agents?
A: We will finance policies written with both our in house General Agents as well as other General Agents.
Q: What is the minimum premium you can finance?
A: After taxes and fees, the total must be at least $750 for us to finance the policy. If you have a policy that is less than the $750 minimum that you would like us to consider, please contact us about it.
Q: Will you continue to finance an insured that ALWAYS pays late?
A: This is why we are in business to finance insureds with payment problems. We will continue to finance a late paying insureds as long as any prior accounts they had with us are now in good standing or paid in full.
Q: Can you finance Worker's Compensation Policies?
A: Yes we can finance Worker's Compensation Policies. However, there does have to be another policy financed besides the workers compensation as we do not finance stand alone workers compensation.
Q: What items are you unable to finance?
A: We are unable to finance policies that are fully earned, audits on policies, mono-line workers compensation, and bonds.
Q: What kind of payment terms do you offer?
A: We offer the following payment terms: anywhere from 3 to 9 consecutive monthly payments or quarterly payments.
Q: Can you finance a policy that is mid term?
A: Yes we can finance a policy that is mid term. However, we will need to have you collect not only the down payment but any payments that would have been due between the effective date and the date that we are now financing. Also, when financing mid-term we can still only extend the financing out for a maximum of 9 months after the effective date. This means, if the insured is five months into the policy the max number of payments we can offer the insured is four payments.
Q: Can I add a policy endorsement to the financing contract?
A: Yes we can add an endorsement on to a policy as long as you contact us about the additional premium and we have at least 2 payments left. We require the same percentage down as the original finance contract unless the endorsement is $500 or less. Then, we do not require an additional down payment. Also the account needs to be up to date with payments and have 7-10 days before the next payment before we will add the endorsement on to the finance contract.
Q: Can policies that are written with different broker or companies be financed together?
A: Yes we can finance policies that are written with different companies/brokers under one finance agreement as long as they are written through the same agency.
Q: I have a signed Premium Finance Corporation agreement, now what do I do?
A: Once you have the signed Premium Finance Corporation Agreement you will send that along with the required down payment to us for further processing. Once we receive the signed agreement and down payment, we will send out the insured's payment coupons and the money to pay the Company or Broker.
Q: Will you accept a down payment with an insureds check?
A: Yes we will accept a check from the insured for the down payment. However we will wait 2 weeks before sending out any money to the Company/Broker to insure that the check clears their bank account.
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