Anchor Bay Insurance Managers Surpluslines

Premium Financing

We offer a unique, but optional, premium financing program through IPFS that is a great sales tool for you. This plan is only available from Anchor Bay.

Our down payment is generally about 9% of the premium, including the taxes and fees and the client makes 11 payments, also of about 9%. This benefits you in two ways:

  • It makes it much easier for you to take new business from a competitor. Not only do we offer the best price and terms on most target accounts, you need only collect a down payment that is less than a third of what your competitor usually must collect. This is a class where cash flow matters and our low down payment can make the sale for you.
  • It makes it next to impossible for a competitor to take an account away from you at renewal. Not only do they have to defeat our proposal, which is tough enough, but they then have to ask for three times the down payment. Our renewal retention rate is well in excess of 90%, in part because of the financing.

You are free to use whatever financing you would like. But I would point out that the small income that you make using your own financing on 6-8 accounts pales in comparison to the commission that you would lose should failing to use our low down payment plan cost you even one account.

And a word of caution: we have had two situations where our producer lost the account on a BOR because the competing agent being familiar with our financing plan claimed that our producer chose to maximize their own premium finance income at the expense of the insureds cash flow needs.

About the down payment...

When you use our financing, please have the insured make the down payment check out to your agency. The down payment is almost certainly less than your commission so there is no use sending it to us as a down payment so that we can turn around and send it back to you as commission.

Instead, just send us the IPFS paperwork. We get funded on a priority basis and, whenwe do, we will send you a check for the rest of your commission.

If you have questions, please call the Program Manager, Bill Tanner at (360) 649-8969.

Anchor Bay Insurance Managers, Inc.
P.O. Box 2510
Silverdale, WA 98383
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NOTE: This web site provides only simplified descriptions of typical business insurance and is not a statement of contract. Actual coverage's are as specified in the policy and endorsements.