IPFS News & Updates

Relief for NJ Insureds

Apr 23, 2020

The New Jersey Department of Banking and Insurance (“DOBI”) has recently announced that insureds that are suffering a financial hardship as a result of COVID-19 and who financed their insurance premiums through a premium finance company may be eligible for a 90-day grace period on their installment payments.  To be eligible for relief, insureds must be suffering a financial hardship as a result of COVID-19 and their accounts must have been in good standing as of March 1, 2020.  The relief is not applicable to premium finance agreements entered into after March 1, 2020.  To apply for relief, insureds must fill out and submit a payment deferral request form to Imperial PFS.  If you have any questions regarding eligibility or the relief offered under the Bulletin issued by DOBI, please send an email to NJ-COVID-19-Deferment@ipfs.com.

Benefits for Insurance Agents

Immediate commission collection, superior account receivable ratios, reduced billing expenses, enhanced service for your clients, increased annual income, and much more. In 2021, we financed more than 700,000 insurance loans across North America, totaling nearly $12 billion in premiums in the US alone.

 

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Benefits for Business Owners

Financing your commercial insurance premiums gives you the flexibility to use your working capital more effectively. Freeing up capital can allow you to focus on product development, hiring new employees, marketing and other investments to grow your business.


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Benefits for Insurance Companies

The insurance industry is digitally enhancing its purchase and service model to elevate the customer experience for insureds. This is where IPFSDirect® steps in. IPFSDirect is a business unit established under IPFS Corporation who works exclusively with insurance companies providing payment and collection services.

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