Concorde Financial - Lending Procedures

Note: The lending procedures for Concorde Financial that follow ARE NOT intended to be all inclusive NOR 100% complete in nature. These procedures are for informational purposes to help clarify procedural questions that may arise from agents or clients as to general company policies such as how down-payment percentages are calculated, fees that Concorde Financial may charge, and typical correspondence that accompanies premium finance contracts relating to administration of the contract. Concorde Financial reserves the right to change, modify, or rescind any of the following procedures without notice.

DOWN PAYMENTS:
All down payments are collected by the producing agent when the account is bound. Payment will be made payable to and retained by the agency. The quoting program on our website will automatically calculate the required down payment amount.

25% Down on 10-Day Cancellations:
This includes all standard policy accounts with a 10-Day cancellation. Maximum of 9 payments are available.

35% Down on 30-Day Cancellations:
This includes ICC regulated trucking policies, aircraft policies, and surplus lines policies. Maximum of 9 payments are available.

Fees & Taxes:
All fees and taxes related to policies are collected as part of the down payment and Concorde Financial DOES NOT finance any fees or taxes.

Minimum Earned Policies:
Policies that require a minimum earned percentage will have 10% added for a down payment. Example: A 25% minimum earned policy would require a down payment of 35%. We are unable to finance policies with a 50% or 100% minimum earned. Also, policies written for less than an annual term will not be eligible for financing. A Maximum of 9 payments are available.

FEES AND CORRESPONDENCE:
The following are examples of the common administrative fees and correspondence that are related to most premium finance contracts.

Premium Amount Financed:
There are no minimum or maximum financing premium requirements for clients.

Application Fees:
All new contracts carry a $25.00 application fee with an exception in Montana where the fee is $12.50. This is a one-time fee per contract, not per policy on the contract.

NSF & Return Check Fees:
A fee of $20.00 will be added to the account upon bank notification of a non-sufficient funds (NSF) check. The insured and the writing agent will be notified when this occurs. Concorde Financial WILL NOT reprocess a check. Repayment of an NSF check will be accepted only through certified funds such as a money order.

Late Payments:
Payments must be received by Concorde Financial within five (5) days following the due date. After five (5) days, a late notice “Notice Of Intent To Cancel” will be mailed to the Agent and the Insured. A late fee of $10.00 will be charged to the insured’s account with an exception in Montana where the late fee is $5.00.

Cancellation Requests:
A request for cancellation will be issued on any account that has been in default for 15 days from the payment due date. The Company and/or General Agent, Agent, and the Insured will receive a copy of this notice. A cancel fee of $20.00 will be charged to the insured’s account with an exception in Montana where the cancel fee is $5.00.

Reinstatement Requests:
A reinstatement notice will be issued to the Company and /or General Agent, Agent, and Insured, on an account that has been sent a cancellation request. However, if a contract has been cancelled more than 2X, or is over 30 days past the cancellation notice date, reinstatement will not be pursued unless special circumstances are presented.

**The reinstatement request only informs the company that we are reinstating the finance agreement. The company determines if they will reinstate the actual policy**

Installment Collection and Payment Address:
All installments are made payable to Concorde Financial. A coupon book and envelopes are provided to the insured when the finance contract is executed and is in force. The payment address is below:

Concorde Financial
PO Box 10459
Fargo, ND 58106

Account Inquiries and Miscellaneous Info:
For questions regarding an account status, please call our toll-free line at (800) 745 – 9586 to make inquiries regarding account balance, payment status, etc. You may also contact Concorde Financial via email at cf@concorde-ga.com.

Any changes affecting the financed policy must be reported to Concorde Financial at the earliest possibility. This would include address changes for an Insured. Promptly reporting data changes will help us ensure accurate, quality service for your clients.

100% Earned policies, audits and state managed Workers Compensation policies WILL NOT be financed.

Concorde Financial WILL NOT notify any mortgagees or lien holders of late payments or cancellations.

Concorde Financial WILL NOT finance any direct billed insurance policies.

If you have any questions, comments, or concerns, please feel free to send us your feedback as we review all comments very seriously in an effort to improve our service and client relations.