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Frequently Asked Questions

Q.: What is premium financing?
A.: The business of making loans directly to Insured’s to satisfy their obligation with Insurance Companies.

Q.: Do I need to use “drafts” when I write with Atlas PFC?
A.: No, only send in the deposit to the insurance carrier and we will process the application.

Q.: How much premium will you finance?
A.: A minimum amount of $800 total policy premium is required in order to finance.

Q.: How does premium financing compare with bank financing?
A.: Premium financing requires little effort on the Insured, no extensive applications or credit checks, and does not typically affect existing credit arrangements.

Q.: How much documentation is required?
A.: All we require is the Atlas Premium Finance Agreement.

Q.: Do you run credit checks on the Insured?
A.: No, not for the premium finance transaction. Credit checks for the underlying insurance policy will be subject to the insurer's usual procedures.

Q.: What happens to the Premium Finance Agreement if an Insured cancels their policy?
A.: The Insured should immediately notify the Premium Finance Company of any changes or intended changes to coverage. In this case, any refund would be sent to the premium finance company and the balance then remitted to the Insured.

Q.: Is premium financing new to the insurance industry?
A.: No, insurance financing has been available for over 50 years and is tightly regulated.

Q.: Can the insured pay the loan early?
A.: Yes, and there are no penalties assessed.

Q.: What happens if an insured misses a payment?
A.: Atlas sends the Insured, Agent and insurance company a notification of late payment and allows a 10 day period provided by FL law for the insured to submit payment without affecting coverage. After the 10 day period, the policy cancels immediately Any refund due the insured from the canceled policy is remitted to the Insured by Atlas upon receipt of funds from insurance company.