Underwriting Guidelines for Premium Financing

Got Premiums, Inc. finances policies of fire and casualty carriers, “Admitted” and “Non-Admitted”, in the State the agent is appointed and carries a resident or non-resident license with the department of insurance of that state. Carriers must be “A” rated or better by AM Best, and are accepting outside financing (Please contact us if the insurance carrier does not meet the “A” rating or better by AM Best). For policies requiring more than 10 days, but not more than 30 days” notice of cancellation, an additional 10% down payment must be collected, and stated on the quote/application. No fully-earned premiums, down payments and audit premiums may be financed. Until a fully executed finance agreement, signed by both the Producer and the insured, along with a copy of the underwriting binder or quote, and invoice is received via fax or mail, the loan will not be activated and funds will not be released to the carrier(s).

Down Payments and Number of Payments

The Down Payment may not be less than any minimum earned premium required by the carrier, plus any taxes and policy applicable fees. The default number of payments is 9. Please contact us at (800) 452-8505 if the down payment amount and/or number of payments need to be adjusted.

First Installment

First installment will be due thirty (30) days from the effective date of the policy, regardless of the activation date. Any payment(s) due within 10 days of the date the finance agreement is submitted, should be collected by the Producer and sent along with the signed Finance Agreement. Got Premiums, Inc. 's Quotes software will automatically calculate the first installment due date.

Policy Fees, Broker Fees, Inspection Fee, Filing Fees, and Tax/Stamp Fee

Policy Fees, Broker Fees, Inspection Fee, and Filing Fees may not be financed and must be inputted properly in the Got Premiums, Inc. Quotes Software.

Payment of Installments

Installments, which have matured prior to Got Premiums, Inc. receipt of the premium finance agreement or installments due within 10 days, must be sent in with the installment notice. The borrower is to remit all installments payable to Got Premiums, Inc.. The monthly payment must be remitted to the office of Got Premiums, Inc., at the address shown on the borrower's premium finance agreement or payment coupon book. Payments are not credited to the borrower's account until physically received by Got Premiums, Inc.. We accept credit card, EFT/ACH, and checks payment.

Payment of Premium

Got Premiums, Inc. will pay the premium on approved loans, to the insurance company, or it's appointed Managing General Agent/General Agent/Wholesaler/Broker, payments may not be issued to the Producer.

Additional Premium

For an endorsement incurring an additional premium, the Producer may collect the full additional amount from the insured, and pay it to the carrier, or add it to the existing loan obligation less the correct additional down payment. Additional premiums cannot be financed unless the original premium was financed by Got Premiums, Inc. and the loan is current. Additional premiums of $100 or less may not be financed. ADDITIONAL 25% DOWN PAYMENT MAY BE REQUIRED ON LOANS FOR ADDITIONAL PREMIUMS/ENDORSEMENT. The Got Premiums, Inc. Quotes Software will calculate the required Down Payment to finance an Additional Premium. The Agent must input the initial Effective Policy Date as the effective date of the original policy. If the Producer is unsuccessful in obtaining the full additional premium or the required down payment, he must notify the carrier in sufficient time that the additional premium is not considered earned in part. Got Premiums, Inc. is not responsible for earned premiums developed as a result of an additional premium not financed through Got Premiums, Inc. . New policies may not be added to existing obligations. A new, signed premium finance agreement must be submitted accompanied by a down payment.

Return Premium Endorsements

For policies that come back lower than quoted, or there is a return premium endorsement, Got Premiums, Inc. will apply any return premium to loan balance thereby reducing the loan balance. The amount of each monthly payment will not be recalculated. The insured must continue making the original payments until the adjusted balance is paid off.

Return Premiums

Return premiums resulting from an endorsement or cancellation are assigned to, and must be paid to Got Premiums, Inc. . Endorsements developing return premiums will be applied to the account. Return premiums resulting from cancellation will be applied to the account and any excess will be refunded to the borrower by check sent to the borrower. Return premiums received by a producer, either by check or by credit to an account current statement, must be forwarded promptly to Got Premiums, Inc. ; otherwise the borrower may be liable for additional interest charges and fees. The producer must remit the unearned commission directly to Got Premiums, Inc. unless the insurance carrier has requested the agent remit the unearned commission to the carrier. Refund to the insured will not be released until the unearned commission is received from the Producer.

Transfer of Policy

Got Premiums, Inc. will not permit the transfer of insurance policies to a new insured unless the unpaid balance to Got Premiums, Inc. is paid or the new insured signs a new Finance Agreement.

Delinquency and Cancellation

Borrower (the insured) and the producer are simultaneously notified in the event of delinquency. Any effort by the producer in contacting the borrower in an attempt to cure the delinquency is appreciated and encouraged. An uncured delinquency will result in cancellation of the borrower's policy (ies). All unearned premiums are assigned to Got Premiums, Inc..

General Information

The producer understands that the submission of business to Got Premiums, Inc. , and the acceptance of business or monthly payments from the producer, does not make the producer an employee or agent of Got Premiums, Inc. and does not grant to the producer the right to bind Got Premiums, Inc. or transact its business in any way. Got Premiums, Inc. only gives the producer the right to submit business subject to the terms of our Underwriting Guidelines and or Procedures. It is further understood that no loan shall be binding on Got Premiums, Inc. until the loan is accepted by Got Premiums, Inc. . Multiple policies with common effective dates should be submitted as one loan.

Contact Information

Got Premiums, Inc.
16461 Sherman Way Suite 350
Lake Balboa, CA 91406
Tel (800) 452-8505
Fax (800) 209-0120

Changes to these Producer Underwriting Terms & Conditions for Premium Financing

Got Premiums, Inc. may update this Underwriting Guidelines for Premium Financing. 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.