Premium Funding can be useful where a business prefers to spread the cost of insurance rather than pay the full premium upfront.

Before proceeding, review the funding quotation and agreement carefully.

What should I check? #

Key items can include:

• Number and frequency of instalments.
• Interest rate.
• Establishment or administration fees.
• Total amount repayable.
• First deduction date.
• Consequences of failed or missed payments.
• Cancellation provisions.
• Other charges in the funding agreement.

Is Premium Funding part of the insurance policy? #

No.

The finance agreement is separate from the insurance contract.

This means the rights and obligations under the funding agreement can continue even if the insurance policy is later cancelled.

What happens if I cancel a funded policy? #

Any insurer refund may be applied to the amount owing to the Premium Funding provider.

The refund may not be enough to clear the outstanding balance.

See What happens if I cancel insurance that is being Premium Funded? for more detail.

What happens if I miss a payment? #

A failed or missed payment can lead to additional charges and, depending on the agreement, may ultimately place the insurance policy at risk of cancellation.

See What happens if I fall behind on my Premium Funding payments? for more detail.

When is my Certificate of Currency released? #

Webber Insurance releases the Certificate of Currency after we have confirmation that the first scheduled Premium Funding deduction has successfully cleared.

If the certificate is urgently required, contact Webber Insurance before relying on a particular issue date.

Does the same funding agreement continue at renewal? #

Not necessarily.

A new or renewed arrangement may have different:

• Premium.
• Interest rate.
• Fees.
• Instalment amounts.
• Approval conditions.

Do not assume the previous year’s funding terms automatically continue.

For the basic explanation of the finance arrangement, see What is Premium Funding?