FULMONT MUTUAL INSURANCE COMPANY

FULMONT PAYMENT PLANS AND FEES | Return to Payment plans and fees Bulleted List

Billing

A bill for insured premium is mailed  from 30 to 60 days in advance of the policy inception date. The policy inception date can be found in the upper part of your policy after the words: Policy Period Effective (date).

The premium is due on the inception date. If the premium is not received by the date indicated on the bill, a cancellation notice for non-payment of premium will be issued approximately 14 days after the due date. When a non payment notice is sent  -  the premium  must be paid within the date specified or else the policy will be canceled.

At this writing there are two methods of payment - a lump sum (the entire payment due) or our FMIC direct bill payment plan. The Premium may be paid by check, credit card or ACH. A description of the payment plan is as follows:

FMIC Direct Bill Payment Plan... If you elect to use it.
Payments 1st Payment
2nd Payment
3rd Payment
4th Payment
 25% due on effective date of policy
25% + service charge due 60 days after effective date of policy
25% + service charge due 120 days after effective date of policy
25% + service charge due 180 days after effective date of policy
Service Charges A service charge will be applied to each applicable billing.

There will be a chargeback fee for any dishonored checks returned. The fee imposed hinges upon the Schedule of Rates, Fees and Charges utilized by our depository bank.

Endorsements Premiums for endorsements effective
... during the billing period will be split between remaining payments. 1st payment due on the effective date of the endorsement.
... after the billing period are due in full by the due date on the bill.
Billing Period The first 180 days after the effective date of the policy.
Reminders If another party is to pay the premium, initial the bill and send it to them. Reminder notices will not be issued. Coverage questions, changes and claims should be handled by your agent.

A cancellation for non-payment of premium will be issued when a check has been dishonored by the bank. The amount due will be the original premium plus the bank chargeback fee. This amount will be payable in cash, money order, certified bank check or agency check.

 

revised 03/2005

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