FINCO CONTACT INFORMATION


PO Box 822100, Pembroke Pines Fl 33082-2100
Phone, 1-800-883-4626 Fax, 1-800-995-7002

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.

FinCo Premium Finance Contact Info..
FinCo Premium Finance Forms Page...
Go back to Providers Page...