What is the typical deposit to bind the liability policy?
The liability insurance carrier will require the full deposit to bind the liability policy. The deposit cannot be broken up into payments. The insurance carrier requires a deposit of 25% of the premium plus 100% of the tax/fees. Below is an example of how the deposit is calculated:
Tax/Fee : $1,000
Deposit is 25% of the premium ($5,000)
- 25% of $5,000 = $1,250
- 100% of tax/fee = $1,000
- Total Deposit to bind coverage: $2,250
Remaining balance can be financed and paid in 10 equal installments. First installment is due 30 days from the bind date.
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How long to obtain a certificate of insurance once I bind the liability policy?
What information is needed to provide me the best possible liability quote?
What if I cannot answer all the questions on the supplemental application since I don’t have any clients right now?