A premium finance agreement is a specialized loan facility issued for the purpose of paying for insurance coverage. This agreement enables the policyholder to spread payments over the course of the policy rather than paying in full up front. The policy itself serves as collateral, eliminating the need for additional collateral and facilitating an easy application and approval process.
BENEFITS TO BROKER
- Improved cash flow
- Earn annualized commission up front
- No added transactional costs for billing, mailing, collection, etc.
- More flexible payment options for your clients
- Same day quotes
BENEFITS TO POLICYHOLDER
- Improved cash flow
- No need to exhaust the businesses’ line of credit
- Low financing rates
- Better installment plans
- Ability to also finance Endorsements to a policy
For more information, email financing@ventureprograms.com or call 800-282-6247 to speak with our accounting department.
