ABCO Premium Finance FAQ

1. What is a premium finance company?
A Premium Finance Company is engaged in the business of making loans to the insured in order to satisfy payment obligation with the insurance companies.

2. What happens after the insured signs a Premium Finance Contract?
Once an insured signs the premium finance contract, it creates a liability with the Premium Finance Company, and gives the legal rights to cancel the financed insurance coverage if the loan’s payments are not satisfied in the scheduled dates.

3. How can an insured make the scheduled payments to the finance company?
An insured has many options to comply with the loan’s scheduled payments:
  a. Personal check or money order payable to “ABCO Premium Finance”. The check must be sent to the company prior to the due dates.
  b. Online payment option thru www.abcopfc.com.
  c. Credit Card payment option by phone (305) 461-2555.

4. What would happen if an insured misses the scheduled due payment?
By law the Premium Finance Company must give a five day grace waiting period at not extra charge. After the five day waiting period an intent of cancellation will be mailed out to the insured and a late fee will be applied to the contract. Finally if payment is not received ten days after the intent of cancellation, the finance contract will be cancelled.

5. How could an insured or an insurance agent find information about a financed contract?
  a. Information is available online 24/7 at www.abcoins.com. For an insured the contract number and the Zip Code will give access to the website.
  b. Personalized customer service is available by phone at (305) 461-2555 weekdays from 8:30am to 5:00pm (Eastern Time).
For more information please call the Marketing Department at (305) 461-2555 , 3734 or 3005 or e-mail us at floapf@abcoins.com