Insurance Specialty Group is pleased to announce some important improvements to the premium payment options available for admitted General Liability placements (Wesco Insurance Co policies). Installment plans are now available to our insureds at no charge and premium can now be paid using credit cards, e-check and check. Below is a summary of key changes for your reference.
- Insureds have the option to pay premium in full or elect one of the following installment plans:
- Premium of $2,501 or more: 10 equal payments consisting of 10% initial installment and 9 remaining monthly installments
- Premium of $1,001 or more: Quarterly payments with 40% initial installment and 3 remaining quarterly installments
- Premium of $500 – $1,000: Two Monthly Installments of 50% / 50%
- Full premium payment or the initial installment is due 15 days from the latter of effective date OR date of policy issuance.
- Payment Methods: Check, E-Check or Credit Card (Visa and MasterCard only). Credit Cards and E-Check payments can be made over the phone by calling (877) 528-7878.
To accommodate these improvements, ISG will process all admitted GL placements on a direct-bill basis only (Insurance Company to Insured). Agency/Broker bill is no longer available for admitted GL placements. Non-admitted GL and builders risk placements are not impacted and can still be processed on either an agency/broker bill or direct bill basis with an option to premium finance.
Please contact your underwriter if you have any questions or need additional information. We thank you for your business!