Heritage Premium Assignment Company - Increasing Profitability Through Premium Finance - 972-772-2704
 

Procedures - Loan Preparation Instructions

The following are tips on the correct preparation of the finance agreement.

Please compete the following fields on the agreement and submit the signed finance agreement to your finance company in order to activate the loan.

Insured Information: Please enter the insured’s complete name, DBA if one exists, mailing address and phone number, (email if available). This information should match the “named insured” on the quote or binder.

Policy Information: Please enter the correct insurance carrier, general agent, type of coverage, effective date, correct pure premium (no taxes or fees), financed taxes (surplus lines tax plus stamping fee), fully earned fees (General Agent policy fees, inspection fees), minimum earned is disclosed, days to cancel is normally 10 or 30. Save the policy, you can add additional policies to a single finance agreement.

Broker Fee: If your agency charges a fee, enter it in the broker fee field.

Down Payment: Please collect the down payment payable to your agency and send your agency check to the General Agent. We also have the capability of accepting ACH or Credit Card for the down payment through the system. Third party credit card fees do apply.  There is no fee for ACH.

Past Due Payments: Any payments that are within 10 days of the first payment due date at the time of submitting a finance agreement should be collected by the agency and sent to the General Agent. Please advise the finance company that you have collected the past due payments. The account will be funded minus the past due payments.

Agent Reserve: By increasing the APR, the agency may participate in interest income up to 2% of the amount financed for the state of Texas. (Limited by state regulations.)

Save Quote: When all information is completed, save the quote and print the finance agreement.

 

ACH Debit Forms: If the insured wishes to have an automatic debit to his account for the payment, the forms are available on the Forms tab on the Hpactx.com web site. Please send this with the signed finance agreement and a copy of a voided check. This can also be initiated later after the finance agreement is in force.

Signatures: The finance agreement must be signed by both the insured and the agency and dated.

Written Changes: Written changes on the contract must be initialed. Dates cannot be changed beyond 5 days. If over 5 days an amended contract will need to be generated and signed.

Premium Finance Agreement: Please fax or email the signed agreement to the finance company. Keep the original in your file.

Notice of Acceptance: You will receive a notice of acceptance to your agency and the insured within 24-48 hours of processing the contract. If you do not receive a notice of acceptance, please contact Heritage Premium Assignment Company or your servicing company.

Billing: A monthly invoice will be sent to the insured for each payment due. Coupons are available upon request.

Texas Windstorm: TWIA will not accept a check from a finance company. To finance a windstorm policy use the following steps: Complete the finance agreement. Collect the down payment from the insured. Write an agency check for the full amount payable to TWIA and make a copy of that check. Fax or email the finance agreement and a copy of the agency check to Heritage. The financed amount will be sent to the agency. Send the agency check to TWIA for the full amount.

Please refer to Hpactx.com for any contact numbers or email addresses that you may need. Feel free to call Gary Fate or Linda Fate with any questions at 972-772-2704.

     
New Agency Application HPACTX on Facebook