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Frequently Asked Questions

Q: Who is SIUPREM?

A: SIUPREM is the premium finance company who makes loans to insureds for their insurance premiums.

Q: What keeps SIUPREM one step ahead of our competition?

A: Customer service, plain and simple. Personalized service and timely responses drives the expectations set by our customers. We receive an average of 12,000 phone calls a month.

Q: Who are SIUPREM’s customers?

A: Our customers are the agents, insurance companies, MGA’s (Managing General Agents), and insureds whom we service.

Q: How does SIUPREM benefit the agents?

A: We help the agent sell their products. SIUPREM’s products are used as a sales “tool” by agents to sell insurance by allowing the insured to make payments.

Q: What makes a policy eligible?

A: Property and casualty insurance policies written with companies having an A.M. Best Rating of "B+" or better.

EXCEPT:

  • Policies not cancelable in accordance with standard pro rata tables or short rate tables.
  • Policies of a reporting or audit form, where the deposit or provisional premium is less than the estimated annual premium.
  • Mono Line Workers Compensation under $2,000. In conjunction with other coverage, the minimum premium for the Worker Compensation is $1,500.
  • Policies financed by another finance company or issued by the company on a direct billing basis.

Q: Can the taxes and policy fees be included in the amount financed?

A: Taxes and fees should be shown separately in the schedule of policies. Fees are not financed and are figured into the down payment.

Q: Can a policy be 100% financed?

A: A policy can not be 100% financed. A down payment is required for all policies. The amount that is required will depend on the coverage type, minimum earned premium and state regulations.

Q: Can multiple policies be financed?

A: Yes, more than one policy can be financed on the same account. All policies must be for the same insured and have the same effective date.

Q: What is the process?

A: A Premium Finance Agreement is created and executed by the insured and producer.

  • List of all policies to be financed and complete the finance agreement with all signatures.
  • The completed Finance Agreement should be mailed, faxed or emailed immediately to SIUPREM at: PO Box 105611 Atlanta, GA 30348-5611 (678.498.4747) (info@siuprem.com).
  • The down payment should be collected and an agency check can be remitted directly to the insurance company or MGA.
  • The coupons or statements used for payment of the premium finance agreement will be mailed directly to the insured.

Q: How can insureds make payments?

A: Please request that insureds make their monthly payment directly to SIUPREM, INC., before the due date by sending their check or money order made payable to SIUPREM, INC.. Please send payment with the coupon and/or statement and the correct account number. Advise insureds not to send cash, coin or stamps through the mail. The insured can also make an electronic payment over the phone by calling 678-498-4700 or via the web at www.siuprem.com.

Q: Can the insured have automatic payments every month?

A: Yes, the insured has the option to be set up on auto pay. If insured would like to be set up on ACH, you will need to complete and sign an ACH form. http://www.siuprem.com/siuprem/Content/forms/SiupremAutomaticRecurringPaymentEnrollmentForm10292014v3.pdf The form will authorize SIUPREM, INC. to withdraw their monthly payments out of their checking account, saving account and/or credit card on their due date. If the payments are set up by credit cards there is a $2.95 convenience fee.

Q: Can a finance agreement still be processed after 20 days?

A: If the completed finance agreement is submitted twenty (20) days after the inception date or later, then the first payment or payments must accompany the premium finance agreement. Late submission must be approved by SIUPREM and SIUPREM reserves the right to deny late submissions.

Q: Can the additional premiums or endorsements be financed?

A: Endorsements, additional premiums or additional policies of $30 or more can be financed. The existing account must be in a current status with at least 2 payments left on the term. Remember that endorsements are not automatically added to financing. You must notify us that you need an endorsement financed. Call SIUPREM to request an AP quote.

Q: Can credits be added to the account with return premiums?

A: Any return premiums will be used to reduce the outstanding balance on the insured's account or remitted to the insured if the account is paid in full. If the premium is returned to you (the producer) please forward it immediately to SIUPREM.

Q: When is the first payment due?

A: The first payment is due twenty-six (26) days from inception that appears on the signed finance agreement.

Q: What happens if the payment is late?

A: When payment is not received, a ten (10) day notice of intent to cancel will be mailed. The producer will receive a copy of this notice. (May vary by state)

Q: How long after payment is late, does the policy cancels?

A: If payment has not been received by SIUPREM within ten (10) days after the notice of intent to cancel, the account is subject to and will be cancelled. Cancellation notice will be mailed to the insurance company, producer, general agent, and the insured. (May vary by state)

Q: Can the policy be reinstated?

A: For a six (6) month policy, SIUPREM will only Request Reinstatement one time during the term of the loan. For twelve (12) month policies, SIUPREM will not Request Reinstatement more than twice. The payment must be posted to the SIUPREM account before reinstatement can be requested. The payment must bring the account current and if the next payment is due within ten (10) days, it should also be collected. Also, if SIUPREM has received the cancellation return premium from the insurance carrier on a SIUPREM requested cancellation, SIUPREM cannot refund the return premium and/or request reinstatement of the financed account, unless the insured sends the account payoff amount.

Q: How to get a quote?

A: You may call SIUPREM for a quote on a policy and have it faxed/emailed to you, or you may logon to SIUPREM.com and create and print your own quotes. Call our CSR's for a quote or any account questions at 800-925-2546 or 678-498-4700.

Q: What is the suggested screen resolution for this site?

A: The suggested screen resolution is 1280 pixels wide by 720 pixels tall.