FAQs

What is Commercial Insurance Premium Finance?

It is a loan product designed to help business owners alleviate the financial burden, increase cash flow, and access the insurance coverage needed to protect their business.

What policy types will TMC finance?

Property, commercial auto, boiler & machinery, breach of warranty, Bumbershoot, commercial excess, physical damage, cyber, director’s & officers, errors & omissions, general liability, professional liability, equipment, umbrella, p & I, garage liability, and many more. 

What terms are provided?

TMC provides very flexible terms. It is possible to pay as little as 0% down payment and have up to 12 installments. (Acceptable credit applies)

When is my first installment due?

The first installment is determined by the effective date of the insurance policy.  Payment will be due 30 days after the policy effective date.

Can I change my due date?

The due date can be changed but only by 5 days.

What are my payment options?

  • ACH pulls automatically from a checking account. An authorization form is provided. (Free of charge)

  • Postal system

  • Online using check or card (Visa / Master) (fees apply)

  • Over the phone using a check or card (Visa / Master) (fees apply)

  • Dropping payment to your insurance agent if payments are accepted at their office.

What acknowledgment will I receive letting me know my loan has been processed?

You will receive a Customer Appreciation Letter, Notice of Acceptance, as well as payment coupons.

What if I forget to make a payment?

  • A “Notice of Cancellation” will be sent stating what date payment is due.

  • A late fee will accrue on the 10th day after the loan due date.

  • An email will be sent as a reminder.

  • A phone call will be made offering to collect payment over the phone.

  • Your insurance agent will be notified.

  • If payment is still not made 13 days after the loan due date, the cancellation will be requested with the insurance company.

What happens if my policy cancels due to non-payment?

The insurance company will process our cancellation request.  Once processed they will determine how much of the premium was not used.  The unused premium amount will be forwarded to TMC within 60 days.  TMC will apply the funds to the balance on your loan.  Any excess funds will be refunded to the customer.  Any balance still due on the loan will be billed to the customer.

If my policy cancels for any reason, am I still responsible for the remaining balance on the loan?

Yes, the loan will accrue interest as well as late fees just as with any other type of loan.