There are many things which come together to make for a successful business enterprise. These things are conveniently divided into four key managerial segments or functional areas of business including the production, marketing, human resource development and finance.

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The Truth About Managing Change:
http://blog.pro2sell.com/category/ms-in-finance
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I'm sure that a lot of condo/coop & HOA board members have the following question: how come
on my Automobile & HO-6 Insurance policies I pay the premiums directly to the insurance carrier,
and I have the option of monthly installments, whereas on the condo/coop or HOA master
insurance policy I have to pay the premiums to my agent or broker, and the premium has to be
paid in full upon binding of the policy and if I can't afford to pay it in full then we have to get
premium financing? That's a very good question, and it all comes down to 2 main ways that
insurance premiums are being charged:
Direct Bill
Agency Bill
Direct Bill
Most personal lines insurance policies, including personal automobile insurance, homeowners
insurance, renter's insurance and personal umbrella insurance are direct bill. This means that the
insurance carrier is billing the policy holder directly. Most personal lines insurance policies come
with the option of quarterly or monthly installments, you'll have to pay a down payment (usually
20%) upon binding, and the rest will be split up to quarterly or monthly installments. In most cases
you'll be charged a small fee for every installment anywhere from $1 to $6 depending if you set up
automatic withdrawals from your bank account. Once the policy is in effect, the agent or broker
has nothing to do with the billing of your insurance policy (of course he'll get a notice of
cancellation if you don't pay your premium and call you up to make sure that you'll make a
payment so your policy shouldn't cancel). This is why on all your personal insurance policies you
pay the insurance company directly and you have the options of installments.
Agency Bill
But when it comes to your condo/coop or HOA's master insurance policy it's a whole different
story. Most condo/coop or HOA policies are agency billed, this means that the insurance carrier is
billing the insurance broker the full policy premium, and the broker has to bill the condo/coop or
HOA association. The broker usually has 30 to 90 days to pay the full premium to the insurance
carrier. This is the reason why you pay the insurance premiums to the insurance agent or broker
and why it has to be paid in full. But what if your condo/coop or HOA association can't afford to
pay the whole premium at once?
Premium Financing

2. Most condo/coop or HOA associations don't have extra money lying around, so when your policy
premium is more than $20,000 it's kind of hard to pay the full amount up front, that's when
premium financing comes in to play. Your insurance broker should help you out with the premium
financing; there are a lot of good financing companies out there. The interest rates are usually
between 6 & 10%. They will only finance about 80% of the premium, which means that you'll have
to pay about 20% upon closing. How does the whole financing process work? The financing
company sends a check of the full premium (minus your 20% down payment) to the insurance
broker. Then the insurance broker sends to the insurance company the down payment that he got
from the condo/coop or HOA and the check that he got from the financing company (minus his
commissions). Then the financing company is going to bill you monthly or quarterly with a 6 to
10% interest rate. The following is something that unfortunately happens quite often: The insured
made sure to have the policy paid up in full, whether by paying the full amount or by getting
premium financing, and after a few weeks they get a notice of cancellation in the mail. What
happened here? Very simple, your broker received the full amount, now he has up to 60 days to
pay the company, and very often brokers neglect or on purposely delay paying the insurance
company right away. This is wrong and illegal and you should stay away from such insurance
brokers.
Izzy Green, CEO and co-founder of Evergreen Insurance, In working with real estate owners and
managers, Izzy saw a need for a company that understands the needs of not only generic
insurance products but insurance for real estate owners, managers and board members. His
success in real estate and insurance gave him the natural competitive edge in addressing those
needs and so Izzy and his partner launched Evergreen Insurance that specializes exclusively in
real estate insurance and nothing more. Evergreen fast became leader in real estate insurance
and Mr. Green is considered a leading expert in real estate insurance among board members and
managing agents. Izzy writes articles on real estate insurance and is a regular contributor to
leading publications and also gives educational seminars to board members, managing agents
and insurance firms.
Article Source:
http://EzineArticles.com/?expert=Izzy_Green
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The Truth About Managing Change:
http://blog.pro2sell.com/category/ms-in-finance

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