Insurance Premium Finance Loan

CMFC will finance your insurance premium and arrange for its payment when it is due on your behalf. You then repay CMFC by way of monthly installments. We can fund most commercial and residential insurance policies.

The benefits of a QUIK Premium Finance Loan:

• Budgeting of cash flows - The key benefit of premium finance to you is that the monthly premium installment can be part of your budgeting process. Rather than having to allow for large payments of premium at a certain time during the year, the monthly payment can be scheduled along with rent, utilities and payroll.
  
• Increased leverage of available assets - Business loans require an asset to be mortgaged as collateral and many companies are limited in their borrowings by the amount of unpledged assets. Premium finance allows you to be able to use the asset of the insurance policy to secure a loan. This leaves other assets on the balance sheet untouched and free for other uses.
  
• Alternate source of capital - By using premium finance you do not have to use other sources of capital. Premium finance offers an additional line of credit to assist in cash flow management

Frequently asked Questions

How much can I borrow?
CMFC will finance up to 80% of the cost of your annual premium. The minimum premium finance loan that CMFC will consider is $1,000.

How long will I have to repay the loan?
The loan will be repayable over a maximum of ten (10) months.

What security will I have to provide?
None - the security will be provided by the insurance policies being financed.

What information will I have to provide?
An invoice from the insurance company indicating the amount of premium owed, a job letter from your employer and some form of positive identification, i.e., national identification card or passport. If the borrower is a company we will require copies of the incorporation documents, viz, the Certificate of Incorporation, Notice of Directors and By Laws.

What if I am not a CLICO insurance customer, can I still get my premiums financed?
Yes, CMFC will finance the premiums for insurance policies issued by any insurance company operating in Barbados.

If you would like to know more about insurance premium financing, please contact CMFC via email: info@clicomortgage.com or give us a call at (246) 431-4626, (246) 431-4727 or (246) 431-4781.

It is important that you insure your valuables. Visit the Homeowners Insurance section of our site for further details. You can also submit your details on-line and get an insurance quote!