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PROVIDER TIP SHEET |
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FINCO PREMIUM FINANCE
PO Box 822100, Pembroke Pines Fl
33082-2100
Phone, 1-800-883-4626 Fax, 1-800-242-9800
Helpful Hints
Finco Financial Corporation
POLICIES AND PROCEDURES
Full Service Website:
At
www.FincoFinance.com you can obtain
full account information including payment
history, policy information, and account
status reports. You can also make payments
and place holds.
Monthly Invoices:
On policies
with an amount financed larger than
$2,000, we mail out monthly invoices to
the insured.
Exceptional Customer Service:
We
will always be available to immediately
handle any account inquiries that you may
have, and our customer service
representatives will ALWAYS be friendly
and helpful.
Personal Lines:
We finance all
personal lines polices; no minimum size.
Automated 24/7 Account Information
System:
Obtain account information at
any time of the day from a touch tone
telephone. Our system can take holds on
accounts and issue to you a confirmation
number automatically.
Account Holds:
Just call us and
we can place a hold on the account to
extend the time for late and cancellation
notices – improving your retention rate.
Down Payments:
Generally, 25% on
annual policies and 50% on six month
policies. Maximum of 9 payments on annual
policies and 4 for six month policies. For
Surplus Lines Companies, any fully earned
fees must be collected in full, in
addition to the minimum earned percentage.
Policies less than 6 months in duration
cannot be financed, and the down payment
on any contract must be no less than the
minimum earned by the company. Please
contact us if you have any special down
payment requirements or if you need the
number of payments to be increased to 10.
Please contact us for down payment
requirements if there is a period longer
than 10 days notice required to cancel or
there are other Notice or Filing
Requirements.
Account Cancellations:
We will
notify you of all Ten (10) Day Notices of
Intent to Cancel forms and Cancellation
Notices that were sent to your customers.
Our website can provide you detailed
reports of those accounts pending
cancellation.
First Payment Due Dates:
No
later than 35 days from the policy
inception date.
Eligible Insurance Company:
In
all cases, Premium Finance Agreements must
be written with companies and their
Managing General Agents (MGA’s) that have
been approved by Finco A list of approved
carriers/MGA’s is on our quoting website.
If a payment is made to an unauthorized
MGA, there is no assurance that the
appointed MGA will receive the funds or
that a policy may exist. Finco reserves
the right to refuse any draft for a
contract or company that has not been
approved. The insurance company must be
licensed and approved in the state where
the policy is being written. Payments and
/or Drafts cannot be issued to any general
agent who is not explicitly authorized by
the Insurance Company, including “Double
Broker” situations. These “Double Broker”
situations occur whereby an MGA appoints a
broker to issue quotes and obtain business
on behalf of the MGA; however this third
party broker is not specifically
authorized by the Insurance Company.
Return of Unearned Premium on
Cancellations:
The producer will
return, within 15 days of receipt or
credit to the producer’s statement, any
cancellation credits, return premiums, or
endorsement credits which the producer has
received on a contract financed by Finco.
Contract Submission – Agents
with Drafts:
All signed finance agreements, along
with any net down which is due, must be
received in our office within 10 days
after they are written. Any commercial
contracts with an amount financed greater
than $15,000 must be faxed to us prior to
draft issuance for approval.
Contract Submission – Finco
Disburses Funds:
All signed finance
agreements must be faxed to our office as
soon as possible after the date written,
but no later than 3 days, so that funds
can be disbursed. If funds are to be sent
directly to Company/MGA, indicate any
identifying numbers (binder #, etc.) to be
included on disbursement.
Monthly Statements:
Every month,
we will mail to you an agent statement
showing any amounts due to us or owed to
you resulting from net down
shortages/overages, or refund credits
which you owe to the insureds. Unearned
commissions are charged back to the agency
if the return premium returned to us from
the carrier is on a net basis (commission
not included.) If any statement
discrepancies exist, it must be brought to
Finco’s attention within 45 days of the
statement date.
Worker’s Compensation:
All Workers’ Compensation policies
must be pre-approved before financing.
It is important that the correct policy
term, insurance carriers, and their MGA’s,
and all other information be listed
correctly on contracts and drafts. Failure
to do so may result in improper or delayed
cancellations. The agent may be held
responsible for losses caused by failure
to follow the items outlined above.
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