This feature permits you to prepare a premium finance contract for any policy. The finance contract is completed on-line and is either printed or sent as an attachment to e-mail. Your customer will make the payment to initiate the application procedure to your agency. You will deduct your commission from the client's payment and forward the balance to the E & S broker. The balance of the financed premium is mailed by the premium finance company to the E & S broker or carrier.
You can also use this premium funding plan for all of your E & S business. Agents can prepare contracts online without authorization on financed premiums from $750 to $100,000. Contracts with financed premium above $100,000 require customer support from the premium finance company.
You are given 3 options in each contract to increase your income.
The FWCJUA depending on the annual premium requires either payment in full or payment of 50% of the annual premium and then the balance in three equal payments over the next 9 months. The premium finance plan reduces the amount of the deposit required to bind coverage with the FWCJUA. When using premium financing a minimum initial payment of 30% is required and the balance is paid monthly over the next 8 months.
This premium financing capability is built into the cost of your membership. Agents should contact FloridaWorkersCompensation.Org for details on the optional income feature that is available in every finance contract.
To better serve your clients don't wait - BECOME A MEMBER today!
$100 to join and $50 annual renewal