As an MGA, we at WKF&C have taken a firm pledge to service our insurance carriers with the utmost in diligence and timeliness. Accounting is a large part of this commitment. At the same time, however, we are keen to satisfy the wishes of all our producers to the best of our ability so that the accounting process is not the main focus of any account, ever. As result, WKF&C maintains a strict, yet fair approach to accounting. The main rules are summarized below.
If you have a comment or suggestion regarding our accounting philosophy or the way we have handled any of your accounts, please do not hesitate to contact our CFO personally; we always welcome your constructive feedback.
IMPORTANT INFORMATION REGARDING HANDLING OF PREMIUM FINANCE REQUESTS AND LOST POLICY RELEASES
Full payment of the invoiced amount is due by the date specified on each invoice. If you provide us with an accounting e-mail contact, we will send you these documents electronically, so that you receive the documents the minute we bind.
If full payment is not received by the due date, we will issue an NOC for non payment of premium. The NOC will be automatically triggered the next business day after the due date. Faxes informing us that your were just paid or requesting an extension/reinstatement cannot be honored, we therefore kindly ask that you refrain from sending such notices, as they only block our fax lines.
Each NOC carries a specific effective date of cancellation. If payment is not received, in house, by that date, the account is canceled and a cancellation endorsement will be processed in accordance with the policy terms. Again, we unfortunately cannot reinstate subsequently, therefore any notices requesting the contrary cannot be accepted.
Payment of earned premiums is required as per our producer agreements. Failure to remit earned premiums on time may result in suspension of business.
We do offer account current terms for brokers with high frequency and/or large premium volume. These terms are generally considered more favorable and do eliminate a lot of the administrative accounting work that a bill-by-bill method creates. Please call us if you are interested in adopting these terms.
Please note that WKF&C cannot extend any payment terms or NOCs. If you find that we have incorrectly billed you for any reason, this must be brought to our attention immediately so that we can remedy the problem without losing any time. Please contact any one of our accounting staff by e-mail or by phone (631) 756-3000.
Please note that accounting maintains an individual fax number of (631) 845-4772