Effective July 1, 2016 Monitor's Payment Options Have Changed
Monitor's goal is to make transacting business with us easy and efficient.
There are two payment options available:
- Agency Bill - Account Current Payment Terms
- Direct Bill to Policyholder - One Payment
All transactions that occur on July 1, 2016 and thereafter will be subject to these new payment options.
Agency Bill - Account Current Payment Terms
- Individual invoices for each account will no longer be provided
- At the end of every month, one billing statement will be sent to your agency/brokerage
- The billing statement itemizes all transactions posted to your agency/brokerage during the month
- The statement will include policies bound, cancellations and mid-term transactions
- Payment of the full statement amount will be due in 30 days
- For example, payment for July is due on August 30
- Electronic payment is preferred: ACH or wire transfer
Direct Bill to Policyholder - One Payment
Direct Bill is the option for the insured to pay the policy premium directly to Monitor. This option will only be available to select retail agencies.
- An invoice for the policy premium is sent directly to your client (policyholder)
- The full amount of the premium is due 30 days from the effective date of coverage
- Electronic payment is preferred: credit card, EFT or ACH
- Policyholders who wish to pay by credit card can do so using the Monitor's Online Payment Center.
- On excess and surplus lines placements, the producer is responsible for billing, collecting and filing of surplus lines taxes and fees.
Direct Bill is only offered for the following three coverages:
- Employment Practices Liability
- Executive Liability, ExecSuite®
- Nonprofit Liability
Contact Joe King
Monitor's Accounting Department