Superior will work with our brokers and their insureds to attempt to avoid canceling insurance coverage for lack of payment. The following steps will be followed:
Step 1) Notice of Acceptance and Welcome Letter
Once the Premium Finance Agreement is properly executed by our broker and insured, we send the insured a Notice of Acceptance and Welcome Letter. This document provides clear information of Superior's policies and operations, and reviews the information contained in the Premium Finance Agreement.
Step 2) Coupon Sheet(s)
Once Superior receives the signed Finance Agreement, we will send the insured a Coupon Sheet(s).
Step 3) Notice of Intent to Cancel
Superior will send a Notice of Intent to Cancel to the insured and the broker when an account is past due. This notice includes clear information of the total amount due, which includes all applicable late fees, and when payment needs to be received by Superior to avoid cancellation of insurance policies.
Step 4) Notice of Cancellation
After the prescribed number of days after the due date, which is based upon state law, Superior will send a Notice of Cancellation to the insured with copies to the broker and the insurance carriers.