Cancellation Avoidance Program

Due to our superior customer service, Got Premiums, Inc. has one of the lowest cancellation percentages in the premium finance industry. Part of this service includes keeping our agents/brokers and their clients informed of the status of their insured's policies. To do so we have implemented a Cancellation Avoidance Program as outlined below.

Notice of Acceptance Letter & Coupons

Once the Finance Agreement (FA) is signed and activated, the insured is sent a Notice of Acceptance Letter along with Payment Coupons. This document provides clear information of the insured’s policies, interest rate charges, premium amounts, down payment, amount financed, finance charges, total of payments, number of payments, And monthly payment amount. The payment coupons show the amount and dates of each installment payment along with the payment mailing address.

We will contact the insured when…

• Payment was not received on the due date. Past due warning e-mail. - Past Due Warning via E-Mail.. (if payment was not received on the due date).This is a courtesy notice to let the Insured know that the payment is overdue.
• Notice of Intent to Cancel to the Insured. (10 days after due date) - Like other premium finance companies, we will send a “Notice of Intent” to the insured by e-mail when an account is past due. Notice of Intent to Cancel to the agent.. (10 days after due date). Once a “Notice of Intent” is being mailed to the insured we notify agent by fax or email about the insured account “Notice of Intent” account status.
• Notice of Intent to Cancel Telephone Follow-Up.. (10 days after due date) - If, for some reason, the account falls past due, we want to make sure that we do everything possible to get the insured account caught up. On the tenth day past the installment date, GP will call the insured. This is simply a “courtesy call” made because we want the insured to protect their coverage. Notice of Intent to Cancel Telephone Follow-Up is being done on a daily basis until the insured account is caught up or the account is being cancelled.

Notice of Intent to Cancel Follow-Up.. (20 days after due date) - GP will send a “Notice of Intent” Follow-Up letter to the insured via mail 20 days after the past due date.

• Notice of Cancellation.. (30 days after due date) - Unfortunately, cancellations happen. Thirty days after the due date, GP will send a cancellation notice to the insured via mail, and copies and all insurance entities involved on the insured policy/policies via fax or email.
• Notice of Cancellation Telephone Follow-Up.. (30 days after due date) - If, for some reason, the account is being cancelled for non-payment, we want to make sure that we do everything possible to get the insured account reinstated within the quickest time frame. GP will “courtesy call” the insured, as we want the insured to protect their coverage. Notice of Cancellation Telephone Follow-Up is being done on a daily basis for 10 days.
• Request for Reinstatements - If an account is canceled and subsequently paid current, GP has the option to request reinstatement of the policy/policies. As a rule, GP will request reinstatement as soon as the account is current.

Changes to these cancellation avoidance program

Got Premiums, Inc. may update this Cancellation Avoidance Program. We will notify you about significant changes in the way we treat personal information by sending a notice to the primary email address specified in your Agency Profile account or by placing a prominent notice on our site.