By: Stephanie Adams, Program Underwriter
Our brokers frequently ask, "Can we finance the policies we write with you?"
We wanted to answer that question and explain some options for you.
We do not offer financing for our brokered policies and there are a few reasons why. The main reason is that if we financed the brokered policies, you as the broker would not receive any notifications that the finance company would send such as late notices, cancellations etc. Another reason is that it confuses the insured's as to where to send payments and who their agent is.
Having said this - if your insured would like to finance the policy you broker through us you can finance directly for them using any finance company you have access to. If you do not currently have access to a finance company you can contact Premium Financing Specialists and they would be happy to finance policies for you.
When you finance a policy for your insured we would be listed as the writing agent so we would receive all notices from the finance company and still handle cancellations, reinstatements and any other requests so there is no extra work on your end, but you would also receive copies of all notices as well.
If you have any questions regarding financing for your insured's, or if you would like to contact Premium Financing Specialists kindly contact a Brownstone Program Underwriter by opening a Live Chat session with us or call our office at (617) 236-6400.