Premium Finance

March 15, 2008

Most insurance agencies offer both commercial and personal lines coverage. Many full service agencies may also include health and life benefits to their clientele. The non standard markets will require payment in full either at binding or within 30 days. In the insurance premium financing universe, premium financing companies will only specialize in one or the other, leaving the agency to deal with separate finance companies.

PFA – Premium Finance Associates offers both commercial and personal lines premium financing options to their agencies. Rather than deal with multiple premium finance sources, PFA offers commercial and personal lines financing under one roof. Our Online Quoting and Viewing system offers 24/7 access to print finance agreements for those agents who come into the office early or leave the office after hours.

"We have built up a national agent clientele of over 500 insurance agencies who value self sufficiency. The agents we typically work with are often times too busy to pick up the phone and call for a premium finance quote," relates Bill Friend, owner of Premium Finance Associates. "Once properly trained, agents can quote up to $100,000 amount finance premiums – pre-approved. We can also generate custom reports to allow agents to monitor accounts that are in jeopardy of cancellation. PFA also offers a Check-by-Web and Check-by-Fax feature to help mitigate late fees and eliminate cancellation due to non payment."

Premium Finance Associates has gained nationwide recognition as the leading finance company to offer "choices" to the agencies they work with. "We are no longer the new company on the block," having celebrated its fifth year anniversary this past June. We now represent several national premium finance companies and take a consultative approach based on average size of premium and type of coverage. We let the premium finance companies "compete for your business" since all premium finance companies do not have the same appetite to finance all premiums. For example, some finance companies are more competitive in rate on smaller premiums, others are more competitive on larger premiums, and some will not finance Assigned Risk while still others will not finance D&O or Liquor Liability.

"Our expertise is knowledge of what the finance companies will and will not finance." We eliminate potential problems – such as the rescission of a contract – due to size or coverage - which will delay payment to the market. "Having multiple companies under one roof and the expertise to place certain risks has given PFA a definite advantage."

Bill Friend, Principal
Premium Finance Associates
Friend Capital Funding

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