Broker FAQs for commercial insurance premium funding

The following FAQs will address the most common questions. If you have any further questions please contact your Elantis Premium Funding BDM and they will be happy to assist you.

What are the loan acceptance criteria?

Minimum loan amount: $500 (Australia), $200 (New Zealand)
Maximum number of monthly installments: Depends on the length of the insurance policy. Typically 10 months

Maximum loan amount: No maximum
Maximum amount of non-cancellable policies: no maximum

How do I obtain a quote?

Elantis Premium Funding distributes premium funding solutions through licensed insurance brokers.

Elantis Premium Funding will provide you with a unique logon ID and creditor code. From there, simply log on to our SELECT system using the logon ID and password. If you don’t have a login contact your nearest Business Development Manager or email us at admin@elantis.com.au in Australia or admin@elantis.co.nz in New Zealand.  

How do clients accept the loan contract?

Clients can either sign the contracts physically or utilise the eSignature functionality whereby they accept the loan terms electronically without the need for a physical signature on the contract.  This facility is only available in Australia.

What interest rates are charged?

Interest rates are based on loan amount, settlement period, amount of non-cancellable policies, client risk and Elantis Premium Funding cost of funding.

Are there any credit checks?

Yes, all loans are subject to credit checks. The level of checks performed depend on the loan amount, value of non-cancellable polices being funded, client credit history and client credit score provided by external Credit Bureaux.

What happens if a client defaults on his payments?

Elantis Premium Funding follows an established collection and contact process to demand payment. Generally, unless there are extenuating circumstances for why the client defaulted.  In Australia, after a period of 25 days from default, if no payment has been received, Elantis Premium Funding will request the insurance broker to cancel the policies that were funded.  

In New Zealand if the overdue payment is not cleared within 14 days we will request the insurance broker to cancel the policies that were funded.

If after receiving the return premium, there is still a shortfall remaining, Elantis Premium Funding will seek to recover the shortfall directly from the client. 

Prompt service, rewarding relationship, dedicated BDM

Doug Kerr

Doug Kerr Insurance Consultants Pty Ltd