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FIRST
INSURANCE FUNDING TIP SHEET
450 Skokie Blvd., Ste 1000,
Northbrook, IL 60062
Lock Box Address for
Payments:
Phone, 800-837-3707 Fax, 888-837-2470
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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:
The minimum amount financed for an additional premium is $500.00 and there
must be three billable payments left on the contract. Please call us for a
quote.
Carriers and Brokers:
Eligible carriers must have an AM Best rating of B+5 or better. Exceptions
may be made, but must be approved. Please call us at 877-492-8843.
Large Agreements:
Agreements with an amount financed over $500,000 require current financial
statements. Agreements over $25,000 must have the second page included in
fax and for contracts over $100,000, the original must be mailed.
How to Check an Account Online:
Click Here
Holding Accounts from Cancellation:
Most accounts will cancel 20-days after the due date if not paid. In most
cases, if asked, FIF will hold an account for 3-4 days or more.
Request for Reinstatement:
If an insured pays a cancelled account up-to-date, FIF will request
reinstatement, in most cases, within 10-days from receiving the insured’s
check. However, if paid with certified funds, a request to reinstate will be
issued right away.
Rate and
Term Exceptions:
We recognize that there will be instances when you will need better terms
and rates. Please call 866-493-1389 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 and 8 payments.
Assigned Risk Workers Compensation: 35% down or $750, whichever is greater
and 8 installments.
Canal Insurance:
Standard policies
with out filings will require a 26% down with 9 installments, with filings
the terms will be 31% down and 8 payments plus all applicable extended
cancellation and/or minimum earned provisions.
Scottsdale Insurance:
All Scottsdale policies have at least a 25% minimum earned provision.
First Insurance
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