” FIRST is committed to being responsive and accommodating to our partners and insureds. We know our insureds will face financial hardship during this unprecedented time. We want to partner with you to help your insureds avoid cancellation of their insurance coverage.
• Our existing Cancellation Avoidance and Recovery Program is very successful – we have one of the lowest cancellation rates in the premium finance industry.
• We have a team that works exclusively with insureds on a daily basis to find solutions and help insureds stay covered.
FOR INSUREDS FACING HARDSHIP AS A DIRECT RESULT OF COVID-19:
• It is not necessary to contact us until an insured is within the cancellation period. Contact your Relationship Manager or your primary Asset Management contact, or send an email to firstname.lastname@example.org. Be sure to include the insured’s name and account number.
• We recommend contacting the carrier/market for specific policies to request an adjustment in policy coverage and /or reduction in premium.
• We expect guidance/mandates from regulators to be forthcoming to assist in this process.
• Attached are helpful ways to monitor your portfolio of loans in FIRST InSite.
• Please remind your insureds that we take all major credit cards for installment payments. Paying by credit card can provide additional flexibility in the short term until the current situation stabilizes.
KEEP CALM AND USE PREMIUM FINANCE
It’s a great financial solution for insureds to help with cash flow and to keep credit lines open!
• Our Asset Management team has established emergency procedures to handle special accommodations to provide relief where possible.
PREMIUM FINANCE PAYMENT CONCERNS DURING COVID-19
FIRST MAKES ACCOUNT MONITORING SIMPLE.
We are committed to helping you and your insureds stay on track. “