This fact sheet answers commonly asked questions about payment options, cancellations and policies.
What payments options are available?
You can elect to pay your monthly instalments by Direct Debit or Credit Card. Premium funding partners will accept most major credit cards including AMEX, Visa and Mastercard. *card surcharges will apply.
When will my first instalment be due?
The first instalment is due on the commencement date of your insurance policy. If this date is in the past, we will draw on the day your application is processed and approved.
How can I cancel my insurance policy?
To cancel your insurance policy you will need to contact our office to advise accordingly. Our office will process the cancellation and issue documents to the Premium Funder.
Why do I still owe money when my policies have been cancelled?
When we your insurance intermediary cancels your policy we should obtain a refund of some of the premium from the Insurance Company. This is then provided to Attvest to allocate against your premium funding contract. If there is a shortfall between this amount and your outstanding loan balance, you are responsible to finalise this amount.
ls there GST applicable?
No, there is no GST applicable on your premium funding loan. GST does apply on your insurance premium
Are instalments tax deductible?
You will need to discuss this with your Accountant. We are unable to provide any financial advice in this regard.
What policies can be premium funded?
Most types of commercial and domestic insurance policies including Workers Compensation and Professional Indemnity insurance policies.
I have received an Endorsement confirmation letter, what does this mean?
An Endorsement confirmation letter advises of a change to your insurance policy and your premium funding arrangement. A policy may have been added or your existing policy changed. If you are unsure of these changes, please contact our office so we can provide further details.