To our Valued Broker Partners:
During these difficult times, Stratford Underwriting is working hard on several options to better assist our mutual clients. For clients on the Monthly Payment Plan through First Insurance, please review the attached communication which outline several options that are available.
Below are a couple clarifications:
NSF Charges
NSF fees will for the time-being be waived. They will still show on an ‘intent to cancel’ notice that is sent to the insured (as these are automatically generated by First Insurance) but they are being manually removed on the back-end by First Insurance. The letter that Stratford Underwriting sends out to the client will not include an NSF charge. It is important to note that the client’s bank institution may still charge them an NSF fee so they should contact their bank directly to have these waived. Any questions or concerns in regards to this please contact our Broker Support line and they will be happy to assist you.
Negative Endorsements
If the client would like to change their policy to a Storage policy, thus bringing the premium below the $500 threshold (for premium financing), First Insurance will still honor the contract and will adjust the monthly payments accordingly. Important to note that this is only for existing clients on MPP. For example – the insured’s premium, which is financed through the monthly payment plan, goes from $1,000 to $200. First Insurance will honor this contract and adjust the payments accordingly to reflect the new $200 premium. Any questions or concerns in regards to this please contact our Broker Support line and they will be happy to assist you.
If a client is experiencing financial difficulties during these times, please have them contact Stratford directly at our Broker Support Line: 604-282-0672 / 1-833-222-9982 to discuss the different options that are available.
Colin Brown Rhonda Zimmermann
President and CEO Business Development Manager
V1.1 03/20