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Premium Payment Plan Tip Sheet
PO Box 668, Hudson New York 12534
Phone (800)677-3648 Fax: (518)822-9502
Helpful Hints
Processing:
Agreements will be processed and funded within 24 to 72 hours of
receipt, provided that the following procedures have been followed:
1. Agent and insured have signed the agreement (or in states
allowed, agent has signed on behalf of the insured). 2. The
agreement has been dated. 3. Payments due within 10 days of the due
date are collected by the agency with the down payment. 4. Policy
information completed, including: effective date, policy type,
insurance company and general agent (if applicable), premium, taxes
and/or fees. 5. Correct down payment (see below Standard Terms)
Additional Premiums:
Please call PPP for additional premiums quotes. The account must be
current with three billable payments remaining. There is no minimum
amount for additional premiums.
Large Agreements:
Accounts over $100,000 may need financials. All policies over
$10,000 will be subject to verification. If the cash price is
$50,000 or more, please submit original finance agreement.
How to Check an Account Online:
Go to
www.prempay.com, Agent Center/Account Inquiry/Login
Holding Accounts from Cancellation:
Most accounts will cancel 18 days after the due date. If you are
in receipt of an insured’s payment, please call PPP and they will
place a 5 day hold for an insured check and a 10 day hold for
cash/agency payment.
Request for Reinstatement:
In the event the insured pays a cancelled account up-to-date,
PPP will request reinstatement 10 days from the date of receipt.
However, if the account is brought current with certified funds or
an agency check, an immediate request to reinstate will be issued.
Please follow up with the insurance company/general agent to verify
the reinstatement.
Rate and Term Exceptions:
We recognize that there will be instances when you will need
better terms and rates. Please call Trusted Premium Funding at
866-436-1389.
Minimum Amount Financed:
The minimum amount financed is $750.00. Please call us if you have
an exception.
Standard Terms
Standard Account (with no minimum earned provision or extended
cancellations): 20% down plus any non-refundable fees, 9
payments.
Minimum Earned: The down payment must include all minimum
earned premium plus any non-refundable fees and 9 payments.
Extended Cancellation: Standard down payment, plus 5% for
every 30 days of extended cancellation.
Assigned Risk Workers Compensation: 40% down and 8 installments.
Canal
Indemnity and Canal Insurance:
All Canal
policies require a 30% down with 8 installments plus all minimum
earned premium and all applicable extended cancellation provisions,
if different terms are needed please contact us.
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