Got questions about payment for your upcoming Commercial Renewal?
Q: Do I need to re-add credit card information to renew a policy?
A: 30 days before the policy is set to renewal, the renewal offer will repopulate the credit card information at the check out. During this 30 day window, Brokers will see last year's credit card information re-populated on the checkout page. For privacy purposes, the credit card data will only replicate on the renewal application during this 30 day window.
Example: A policy that renews on February 01, will see the previous years credit card data on the checkout page on January 01, and it will remain accessible within the application for one month.
Payment is required to bind a renewal.
Q: When are payments taken to bind a renewal for Annual paid policies?
A: A renewal offer is delivered to the Broker 60 days before it expires. The clients have the option to complete the application and approve payment to bind the renewal at any time. Payment is taken on the date you “bind” the renewal at the checkout page.
30 days before renewal expiration, the credit data on file will pre-populate into the renewal application. A Broker can bind the clients renewal without having to re-enter the credit card information during this 30 day window.
Q: When are payments taken to bind a renewal on a monthly pay plan?
A: 30 days before renewal expiration, the credit data on file will pre-populate into the renewal application. A Broker can bind the clients renewal without having to re-enter the credit card information during this stage. A Broker can bind the clients renewal without having to re-enter the credit card information during this 30 day window.
Once the renewal has been approved at the checkout page, the first installment will be billed on the “Renewal Date”.
Example: If the Policy renews on May 01, the first monthly installment will be taken on May 01 to officially bind the renewal.
Q: What if the renewal payment does not approve or authorize?
A: The policy declarations cannot be issued until payment has been collected.
Q: What if I bound a policy late, during the 10 day grace period?
A: If we have approval to bind, payment will be required. If your client is binding late, during the 10 day grace period, this will impact their monthly debit dates.
Example: The policy effective date was May 15th. But the clients did not bind the renewal until May 20th. Payments will start on the 20th, and future monthly installments will be on the 20th for the remainder of the policy term.
The payment date cannot be revised or changed back.
Q: Can I change the client's credit card payment information on renewal?
A: Yes, you can. When you arrive at the checkout page, you can amend/update the clients payment information as required. Payment is required at the checkout page inorder to bind the renewal.