Premium Finance definition
Examples of Premium Finance in a sentence
In return for these services certain insurers will make a payment to Us. In addition, if you choose to pay Your premium by Premium Finance, We have an agreement with Our finance provider that, for arranging the funding of Your insurance premium, We will receive an additional commission from them, which is a percentage of the amount being financed.
We have arrangements with some insurers and with Close Brothers Premium Finance (“CBPF”) to receive additional payments reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf.
Where you decide to pay by instalments, we act as a credit broker and not as the finance lender and will introduce you to a Premium Finance Provider.
We work exclusively with Close Brothers Limited, trading as Close Brothers Premium Finance (‘Close’) to provide a premium finance facility to our insurance clients – a loan with Close is designed for the repayment of insurance premiums only.
At our discretion, we offer clients the options to pay by instalments through Close Brothers Premium Finance.
Please note that we only use Close Premium Finance for the provision of premium finance facilities.
Any agreement reached between you and Close Brothers Premium Finance will be subject to additional terms and conditions which will be provided to you by Close Brothers Premium Finance if you choose to take this payment option.
These may include:- Premium Finance companies, Computer bureaux/Software Houses, Insurers, Other Insurance Intermediaries, Insurance Industry databases, Government databases, Credit agencies, Regulatory authorities, the Police and other law enforcement bodies.
Carrot act as a credit broker and exclusively use Close Brothers Premium Finance as the lender to provide credit facilities to our customers subject to eligibility.
Under these circumstances, as long as there are no losses outstanding or paid on the Policy, We will refund the Premium Finance Company the appropriate proportion of premium.