COMMERCIAL INSURANCE
BINDER BILLING PROCEDURE
SPECIAL COMMERCIAL ACCOUNTS
1. If possible, CSR/Marketer obtains a renewal policy number from the company. If none is available, assign a binder number.
2. CSR/Marketer produces an invoice billing for the exact or estimated premium; also, prepares finance agreement, if necessary. The due date should be no later than the effective date of the policy.
3. CSR/Marketer issues binder of insurance for each policy. The binder should be written to conform with the individual company's guidelines and also contain the proper language regarding coverages and exclusions.
4. CSR/Marketer issues all certificates of insurance required. The certificates should be written to conform with the individual company's guidelines and also contain the proper language regarding coverages and exclusions.
5. CSR/Marketer generates all necessary auto ID cards
6. CSR/Marketer delivers binder billing, finance agreement, certificate copies, auto ID cards and binder along with cover letter to Producer and records these transactions in customer note pad.
7. CSR/Marketer sends certificates of insurance and binders to appropriate parties using Cover Letter and records transaction in customer's note pad.
Dear :
Re:
Enclosed please find the binder/certificate of insurance for your above captioned customer. Should you have any questions regarding the attached, please call us at your convenience.
Sincerely,
8. CSR/Marketer sends copies of certificates and binders to company using cover Letter and records transaction in customer's note pad.
Dear :
Enclosed are the binders/certificates issued to ____ for ____. The appropriate applications/renewal requests are enclosed. Please issue a policy and forward to us as soon as possible.
Thank you for your prompt attention.
Sincerely,
Enclosure
9. Producer makes appointment with customer and delivers binder billing, etc. to customer.
10. Producer collects deposit premium.
11. Producer remits check to financial department.
12. CSR/Marketer establishes suspense for receipt of policy. The suspense should be 7 to 10 days prior to the expiration of the binder. If policy is not received by the expiration of the binder, new certificates, auto ID cards and binders must be issued in accordance with the aforementioned procedures.
13. CSR/Marketer receives policy & checks it for accuracy.
14. If policy is incorrect, CSR/Marketer requests necessary endorsements and records transaction in customer's note pad.
15. If policy is correct CSR/Marketer
- Reissues all necessary certificates, auto ID cards, etc.
- Issues corrected billing, if necessary
- Prepares Summary of Insurance
- Mails copies of policy to all additional interests
- Gives renewal policy, etc. to producer to deliver to customer
- Updates customer's computer file
- Deletes all unnecessary follow up dates from computer
- Records transaction in customer's note pad
- Files paper in Transactional file
16. Producer reviews policies for completeness, signs policies and delivers renewal package to customer.
17. Producer collects any additional premium due agency.
18. Producer asks for referrals form customer.
19. Producer returns any documents requiring signature to CSR/Marketer for processing.
20. Producer delivers check for additional premiums due to financial department.