SIUPREM Finance Guidelines
PREMIUM FINANCE RULES AND GENERAL INFORMATION
- Property and Casualty Insurance Policies written with companies having an A.M. Best Rating of “B+” or better EXCEPT:
- Policies not cancelable in accordance with standard pro rata tables or short rate tables.
- Policies of a reporting or audit form, where the deposit or provisional premium is less than the estimated annual premium.
- Mono Line Workers Compensation under $2,000. In conjunction with other coverage, the minimum premium for the Worker Compensation is $1,000.
- Policies financed by another finance company or issued by the company on a direct billing basis.
TAXES & POLICY FEES
- Taxes and fees should be shown separately in the schedule of policies. Fees are not financed and are figured into the down payment. Taxes may be financed upon request, otherwise they will be figured into the down payment as well.
- If submitted thirty (30) days after the inception date, the first payment or payments must accompany the premium finance agreement. Late submission must be approved by SIUPREM. SIUPREM reserves the right to deny late submissions.
MULTIPLE POLICIES ON ONE CONTRACT
- More than one policy can be financed. List all policies on our long form contract. Up to ten (10) policies can be combined on one finance agreement. All policies must be for the same insured and have the same effective date. Call SIUPREM with other combinations for approval.
ENDORSEMENTS, ADDITIONAL PREMIUMS, or ADDITIONAL POLICIES
- Endorsements, additional premiums or additional policies of $30 or more can be financed. The existing account must be current with at least 2 payments left on the term. Remember that endorsements are not automatically added to financing. You must notify us that you need an endorsement financed. Call SIUPREM to add an endorsement.
- Any return premiums will be used to reduce the outstanding balance on the insured’s account or remitted to the insured if the account is paid in full. If the premium is returned to you (the producer) forward it immediately to SIUPREM.
- The first payment is due twenty-six (26) days from inception date of the policy.
- If payment is not received at SIUPREM by the due date a ten (10) day notice of intent to cancel will be mailed. The producer will receive a copy of this notice.
- If payment has not been received by SIUPREM within ten (10) days after the notice of intent to cancel, the account is subject to and will be cancelled. Cancellation notice will be mailed to the insurance company, producer, general agent, and the insured.
REINSTATING CANCELLED ACCOUNTS
- For a six (6) month policy, SIUPREM will only Request Reinstatement one time during the term of the loan. For twelve (12) month policies, SIUPREM will not Request Reinstatement more than twice. The payment must be posted to the SIUPREM account before reinstatement can be requested. The payment must bring the account current and if the next payment is due within ten (10) days, it should also be collected. Also, if SIUPREM has received the cancellation return premium from the insurance carrier on a SIUPREM requested cancellation, SIUPREM cannot refund the return premium and/or request reinstatement of the financed account, unless the insured sends the account payoff amount.
- Finance charge includes interest and a $20 non-refundable service charge for all personal line policies. Please request that insureds make their monthly payment directly to SIUPREM, INC., before the due date by sending their check or money order made PAYABLE TO SIUPREM, INC., TOGETHER WITH PAYMENT COUPON AND CORRECT ACCOUNT NUMBER. Advise insured not to send cash, coin or stamps through the mail. Should the insured pay you his monthly installment remit it to SIUPREM, INC. immediately since the account will not be credited until SIUPREM, INC. receives payment.
REQUIRED DOWN PAYMENT – PERSONAL LINES and/or COMMERCIAL
- Standard down payment will be applied.
- You may call SIUPREM for a quote on a policy and have it faxed to you, or you may logon to SIUPREMWeb via the Internet and create and print your own quotes. Call our CSR’s for a quote or any account questions at 800-925-2546 or 678-498-4700.