If your insurance is being paid through Premium Funding, it is important to keep the agreed repayments up to date.

The funding agreement is separate from the insurance policy, and missed repayments can have consequences under that agreement.

What can happen if a payment is missed? #

Depending on the Premium Funding provider and agreement, consequences can include:

• Dishonour or late-payment fees
• Further attempts to collect the payment
• Default notices
• Additional costs
• Cancellation action if the default is not resolved

Premium Funding agreements commonly give the funder rights relating to the funded insurance policies if repayments remain unpaid. This can ultimately result in the funder requesting or arranging cancellation of the relevant policy in accordance with the funding agreement.

If an insurance policy is cancelled following a funding default, reinstatement is not automatic. The insurer may need to agree to reinstate the policy, and in some circumstances new insurance may need to be arranged.

This can create issues where continuous insurance is important for:

• Contracts
• Licensing
• Principal requirements
• Claims-made policies
• Certificates of Currency

What should I do if I cannot make a payment? #

Contact Webber Insurance as soon as possible.

Early contact gives us an opportunity to discuss the position with the Premium Funding provider and explain the available options.

We cannot guarantee that a funder will vary its repayment requirements or prevent cancellation, as this is governed by the funding agreement.

Contact our team if you are having difficulty with a Premium Funding repayment.