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PROVIDER TIP SHEET |
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PREMIUM PAYMENT PLAN
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 48 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.
Down payment required is 30%.
Large Agreements:
Accounts over $25,000 amount financed will
need authorization. Authorization granted
after insured is underwritten. 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:
Log on to
www.prempay.com, using your user id
and password provided for quoting, click
“producer link”. When searching by name,
make sure your caps lock is ON.
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 Tina or Stewart at
866-381-6501 and we will be happy to
accommodate you.
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: 35%
down and 8 installments.
Premium Payment
Plan contacts...
Premium Payment
Plan Forms...
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