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ACCOUNTING
The Accounting Department
at United Brokers is comprised of a group of polite accounting
professionals dedicated to the service of our customers.
For the benefit of
truckers who make monthly payments on the 25th of each month we have
compiled an explanation of the various payment methods we accept.
And, in
order for our retail insurance professionals to better understand how we do business we have assembled some
of the most common questions producers ask us and their answers.
Of
course you may have other questions that are not covered in this
discussion; and, we want to encourage you to feel free to contact
any member of our Accounting team and get those issues resolved at
your convenience by calling 800-444-4824.
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Payment Options |
We believe payments
should be easy to make; so, in addition to the usual method of
payment by check we offer these alternatives:
- Credit Card
(we accept VISA or MasterCard; and, there is an additional
3% charge for using a credit card)
- ACH debit
(this option automatically withdraws your
payment from your bank account each month and incurs no fee)
- 24/7 Payment
By Phone (Interactive voice response, check or credit
card; and, United Brokers must have your telephone number on
file for you to have access to this method. To set up a
Payment By Phone account call 800-444-4824 extension
123 or email
kellic@ubinc.com)
877-807-0667
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Frequently
Asked Questions |
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I have
return premium due to my insured. When can I expect it?
Once you receive an
invoice notifying you of the return premium it will indicate the return
date. If the premium was financed it will be returned to the finance
company; if the premium was not financed it will be returned on your
monthly producer statement. These statements are mailed/emailed within
the first week of the following month. Erica Fuchs handles return
premiums and may be reached at 800-444-4824 x107 or by email
ericaf@ubinc.com.
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I received an invoice that does not indicate my commission. Can I
still pay the premium net?
Although, we do not have
any problem with our agents paying net, we do prefer you pay off the
invoice. In the future if you prefer to be billed net let your
underwriter know at the time of binding. If you have further questions
regarding billing, you may reach Erica Fuchs at x107 or by email
ericaf@ubinc.com.
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I have received a Producer Report. What is this?
A producer report, also
known as a commission report, shows all the business for the month that
was billed to your agency gross. We have compiled a list of
frequently asked questions specific to this topic,
click here to access. Or if you prefer to speak
with an individual, Erica Fuchs can be reached at
ericaf@ubinc.com or x107.
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What
billing options does UBI offer?
Annual Billing
Once coverage is bound
you will receive an invoice. This invoice is your bill; and, your
agency is responsible for payment. We do not accept payment from
the insured. Here are two options for payment from your agency.
Net Payment:
Entire amount billed less your
commission, due 10 days from the effective date.
Gross Payment:
Down payment due in 10 days of
effective date with the remaining balance due 30 days from the effective
date.
Commission will generate
on a monthly producer report that shows commission for all of your
agency’s accounts during that month. The producer report is generated
at month end and checks/EFT are issued at the beginning of the following
month. If you have a negative balance, which could be as result of
earned premium or unearned commission, your agency will owe United
Brokers.
PFC Financed
Premium Finance Corporation is
our in-house premium financing company for annual accounts.
Your agency is responsible for the down
payment, due 10 days from the effective date; and, the insured will pay
the installments on a monthly basis including premium and applicable
finance charges.
Any future return premium
will be applied to the PFC account. Any additional premium, $300
or less, will be billed to the agent, due 10 days from the effective
date. And any additional premium over $300, when 2 installments or
more are remaining, a down payment will be due in 10 days; and, the
remainder will be spread out over the installments.
No Deposit billing
This
option is only available for certain types of coverage. Your
underwriter will be able to let you know if the coverage in question can
be set up for monthly billing.
Your agency
is responsible for the first installment as a down payment, due 10 days
from the effective date, with the remainder direct billed to the insured
on a monthly basis, with each installment due on the 25th of
that month.
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The Producer
Statement
Why did I receive two
separate reports?
The Producer Report shows
commission generating (positive or negative) activity for your agency
for the month. The Status of Accounts represents any additional entries
made on your account. You receive a Status of Accounts report if
you have any non-commission activity.
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What do the entries on the
Status of Accounts mean?
Generally, entries on this report are for two reasons: (1) your agency
was billed gross and you paid net; or (2) we are returning premium to
your agency.
If there is a line entry that reads "paid net UBI Trucking" it means
that your agency was billed gross and, when you paid, you withheld the
commission. In essence you were paid commission twice; and, this
line item takes back the commission that we paid you. Please look
on your Producer Report for the current and previous month; and, you
will see where you were paid commission for that activity.
If there is a line entry that
reads "CIR XXX Trucking" or "End #4 XXX Trucking" it means that this is
return premium for an insured for either a cancellation or negative
endorsement. We return all premiums to the agent. We do not
return premium directly to the insured.
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On the Producer Report what do
the Opening Balance, Payable Activity and Closing Balance represent?
The Opening Balance is the balance from your
last statement; and, the Closing Balance is the amount either owed to
your agency or due from you agency. The Payable Activity is simply
the difference between the Opening and Closing Balances. It means
nothing more than that difference.
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If
I have a negative Closing Balance do I owe anything to United Brokers?
Yes, it means you do owe money to United
Brokers. This could be the result of an unearned commission or as
a result of commission being paid on an item billed gross in the
previous month that your agency paid net in the current month.
Other possibilities may be that your agency short paid an item or has
earned premium.
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Why are the credits and
debits opposite on the two reports?
The Status of Accounts Report is actually an
"accounting" report and shows true debits and credits. The
Producer Report shows commission activity in the far right column and
shows positive amounts for commission earned and negative amounts for
commission unearned.
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