What is the relationship between an insured and the premium finance company?

By financing their insurance, the insured has entered into a loan contract with the premium finance company and has given the premium finance the authority to cancel the financed insurance coverage in the event the insured defaults in making scheduled loan payments. By financing their insurance, the insured has also given the premium finance company a security interest in any unearned insurance premiums which, when received by the premium finance company, are applied to the outstanding loan balance due from the insured.

What payment options are available for premium financing?

Consist of down payment required, as well as the number of installments to be paid by the insured which may vary (3,4,6,8,9,10) depending on the insurance policy term. The complete terms of the premium finance loan including the payment schedule and the interest rate charged, are reflected on the finance contract.

Who can finance their insurance?

Any insured business or professional practice is eligible to finance their commercial insurance coverage.

Will a policy be reinstated if payment is made by the insured after cancellation has been
mailed to the insurance company?

Although a premium finance company can request reinstatement of insurance coverage it has cancelled, the decision to reinstate can only be made by the Insurance Company.

What is a default?

If you miss a payment, this is known as a default. I you miss a payment, we will mail you an intent to cancel giving you ten days to bring your account up to date.

Can I view account information and make payment on-line?

Yes to both questions. Our internet account viewing service allows you to get up to date information on a specific account if you’re an insured or on your whole production if you are an agent. On-line reporting of production and pending cancellations.

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