Payment Options Available on Professional Liability
There are several payment options available when your design firm is binding your Professional Liability policy.
Payment in full, paid to your agent directly is probably the most common option. However, our agency works with First Insurance Funding (http://www.firstinsurancefunding.com) that enables your firm to set up financing for your Professional Liability premium. The most common financing option is 15% down and 10 monthly installments with a varying interest rate.
Some of the insurance companies also have direct billing options available. Instead of paying your agent, your firm will receive bills directly from the insurance company, fees may apply. Here are some of those payment plans available:
Travelers Casualty &Surety:
Installment payment options of 2pay (semi-annual), 4pay (quarterly), 6pay (every other month), or 10 payments – $6 per installment fee applies
RLI Insurance Company:
20% down with nine (9) equal payments, quarterly installments and six month installment
*$9 per installment fee applies
Great American Insurance:
Semi-Annual Equal – 50% down and one installment six months prior to expiration, monthly 25% – 25% down and monthly payments with the total due three months prior to expiration, monthly 8% – 8% down and monthly payments with the total due three months prior to expiration and quarterly Equal – 0% down and four equal quarterly installments, with the total due three months prior to expiration.
*A $3 installment fees is applies
Navigators and Victor O. Schinnerer/CNA have some interest free installment plans available with specific premium amounts, be sure to as your PUI Agent.
There are many options available when it comes to paying your Professional Liability premium. Please be sure to ask your PUI Agent what is available for your firm.