Commercial Billing Plan Descriptions

Annual Policies

(Business Auto, Businessowners & Commercial Umbrella )

Annual One-Pay

Use this option if the total policy premium will be paid in full.
New business policies require 2 months down.
- A bill for the balance will be sent upon policy issuance if it was not paid in full.
Renewal policies require the full premium on the renewal date.
No service charges are applied.

Four-Pay (not quarterly)

New business policies require 2 months down.
- 3 months is suggested to avoid an extra bill.
Renewal policies require 25% of the premium on the renewal date.
Additional payments of 25% of the policy premium are due 60 days apart (For example, a policy issued January 1st with three months down will have bills due March 1st, May 1st, and July 1st.)
A $7.00 service charge applies to each additional installment billing after the new business or renewal down payment.
The total unpaid balance can be paid in full at any time.

Monthly (Eleven Payments)

New business policies and renewal policies require 2 months down.
Ten additional installments are due on the policy anniversary date.
- There is no payment due in the last month of the policy term.
A $7.00 service charge applies to each additional installment billing after the down payment.
The total unpaid balance can be paid in full at any time.

EFT Monthly

New business policies require 1 month down.
- If one month is paid of the verified premium, eleven more payments will be billed beginning the 2nd month of the policy term until renewal.
- A withdrawal notice will be sent 12 days prior to the first withdrawal.
  - Subsequent withdrawal notices will only be sent if the premium due changes by more than $1.00.
No service charges are applied.
The withdrawal date must be the same day of the month as the policy effective date.
Upon renewal, 12 equal installments are withdrawn on the policy anniversary date.
- If the policy anniversary date is the 29th, 30th, or 31st of the month, the withdrawal will occur on the 1st of the following month.
- If the withdrawal date is not a business day, the withdrawal will occur on the following business day.

Escrow

The mortgage company will be billed the full premium for new business and on each renewal.
The insured will not receive a copy of the billing notice, but will receive a notice of pending cancellation if the mortgagee has not paid the premium by the due date.

Refer to NCCI Arizona Specific Change Rule 3-A-6 for Additional Information

Annual One-Pay

Use this option if the total policy premium will be paid in full.
- New business policies will bill for the balance will be sent upon policy issuance if it was not paid in full at time of submission.
Renewal policies require the full premium on the renewal date.
No service charges are applied.

Four-Pay - Quarterly

New business policies will bill for 25% upon issuance if a down payment is not paid at time of submission.
Renewal policies require 25% of the premium on the renewal date.
Additional payments of 25% of the policy premium are due on the effective day of the month.
A $7.00 service charge applies to each additional installment billing after the new business or renewal down payment.
The total unpaid balance can be paid in full at any time.

Monthly (25% plus 9 Payments)

New business policies will bill for 25% upon issuance if a down payment is not paid at time of submission.
Nine additional installments are due on the policy anniversary date.
A $7.00 service charge applies to each additional installment billing after the down payment.

The total unpaid balance can be paid in full at any time.