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PROVIDER TIP SHEET |
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PRIME RATE PREMIUM FINANCE CORP.
2141 Enterprise Dr., PO Box 100507,
Florence, SC 29501-0507
Phone: 866-669-0937, Fax 888-398-5545
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.
Additional Premiums:
Please call Prime Rate for quote.
Carriers and Brokers:
Eligible carriers have an AM Best
rating of B+ or better. Exceptions may be
made, but must be approved. Please contact
Tina Larsen at Premium Finance Brokerage,
LLC with information.
Large Agreements:
In the case of large premium finance
quotes, Prime Rate may request additional
information, including but not limited to
the insured’s financial statements,
underwriter’s quote, etc. Please call
Tina with quotes over $100,000.
How to Check an Account Online:
Click Here
Holding Accounts from Cancellation:
Holds may be placed by an agent when the
insured indicates a payment will be made
in the next few days. Holds will not be
allowed more than one payment is due, the
payment was returned NSF, the payment due
date is within 60 days of expiration of
the policy, or a hold has already been
placed for the payment cycle.
Request for Reinstatement:
At an agent’s request, Prime Rate will
request reinstatement for a cancelled
policy with an insured’s check provided no
NSF history has occurred with the
contract. If NSF history has occurred on
the contract, certified funds will be
required to request reinstatement. If we
receive payment on a cancelled account and
the agent has not contacted our office,
the insured will be sent a
non-reinstatement letter advising them to
contact their agent.
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
and
9 payments.
Renewals (without a minimum
earned/special cancel provisions):
15% down plus any non-refundable fees and 10 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.
Prime Rate
Premium Finance Corp. contacts...
Prime Rate Premium
Finance Corp. Forms...
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