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Premium Payment and Service
Fees |
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| The Association requires premium payment in advance of
the effective date. This applies to both new business
and renewals. The Association accepts payment by wire transfer
(see below) or check (sorry, no credit card payments can be
accepted). The Association also honors premium finance
agreements. Alternatively, many
insureds are eligible for the Association's installment
payment plan described below: |
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| Service Fee |
| The Association shall charge the
following service fees: |
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Checks returned for insufficient funds or stop
payment - $25 per check per occasion (if the Association
deposits a returned check at the payer's request, the charge
applies each time the check is returned.) |
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Installments - the sums of $30 plus 1.8% of the JUA premium. |
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Installments |
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An eligible insured with a JUA premium
of $10,000 or greater may elect to pay for coverage on an
installment basis. |
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Any insured is eligible for installments unless
there has been more than one payment incident in the past 3
years. A payment incident is defined as: |
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- a check returned for insufficient funds or
stop payment; or |
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- cancellation for nonpayment of premium (even
if subsequently reinstated) of a JUA policy by the association
or premium finance company. |
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Installment payments are as follows: |
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- Installment service fee plus 30% of the
premium by effective date; |
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- 15% of the premium 2, 4, 6 and 8 months after the
effective date; |
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- balance of the premium 10 months after the
policy effective date. |
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Mcare assessment, when due, must be paid in
full. |
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| Installment Example |
| If the JUA
premium is $15,000, the service fee for the installment plan
is $270 (1.8% x $15,000) + $30 = $300. |
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$4,800 is due by the effective date. |
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An additional $2,250 is due 2, 4, 6 and 8 months after the
effective date. |
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An additional $1,500 is due 10 months after the
effective date. |
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Mail or deliver checks made payable to PAJUA
to: |
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PA JUA |
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Hickory Point, Suite 125 |
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2250 Hickory Road
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Plymouth Meeting, PA 19462-1047 |
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Wire Payments to:
Bank Name:
Wachovia Bank National Association
Account No.
2000132879026
ABA Number: 031201467 |
Bank Address is:
Wachovia Bank National Association
123 S. Broad Street -
PA4944
Philadelphia, PA 19109
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Please reference the Policy Number and
Insured in the REMARK section.
Email or FAX a notice to the Association to let us know
you have made the wire transfer. |
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