A: First, premium financing protects your insured’s cash flow. When premiums are paid in advance for the entire policy period an unnecessary strain on the insured’s cash flow may occur. Premium financing prevents this. Second, an insured may be able to purchase more coverage because the increased premium for the additional insurance protection may be more attractive and manageable spread out over time. Finally, offering a convenient payment plan may give you the edge over a less flexible competitor.

Q: What are your rates and down payment schedules?

A: Rates depend on several factors such as: the Prime Rate, size of the loan, and how soon the funds need to be disbursed. Down payment schedules often depend on minimum earned provisions, pro rata vs. short rate calculation methods, and coverage type. These factors, as well as the needs of the agency and the insured, help us determine a rate structure.

Q: Is the Lloyds Credit Program a "good fit" for my agency?

A: The Lloyds Credit Program differs from traditional premium finance plans because your agency becomes the premium finance company and risk bearer. To take advantage of the many benefits of becoming your own finance company, two criteria should be considered: Your agency should finance at least $500,000 in premium per year and ideally enjoy a 45-60 day payment term with your carriers. If your agency meets these two standards, your agency may qualify to participate in one of the most innovative financing programs in the industry today.