Is it possible for our agency to pay only the initial/down payment on a policy?
Yes, you can choose to pay only the initial/down payment. However, please note that our system allows only one payment method to be entered during the application process. If you plan to cover only the initial payment, you’ll need to update the primary payment method attached to the policy after completing the initial purchase.
Related: Update Agency to Customer Payment Method
Managing Agency Payment Methods
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Access Payment Methods: Once logged in to your producer account, go to the “Payment Methods” section on the left navigation. Here, you’ll see all saved payment methods.
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Primary Payment Method: One payment method is designated as the primary and is used for recurring payments, amendments, audits, renewals, and extensions on policies for which the agency has assumed financial responsibility. This primary method can be updated at any time.
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Transferring Payment Responsibility to Clients: Either you or your client can update the primary payment method to one belonging to the client, enabling them to take responsibility for future charges.
Can I remove my agency’s payment method before another payment method is added?
No. Once an agency’s payment method is attached to a client policy, the producer is responsible for all charges until the client adds their own payment method. This includes any amendments, audits, renewals, and extensions where the agency’s payment method is listed.
To transfer financial responsibility, the client should add their payment method to the account.
Related: Update Agency to Customer Payment Method
Important: A client’s failure to pay is not grounds for policy cancellation due to non-payment. To cancel the policy, the producer must provide a Lost Policy Release (LPR) signed by the insured, with cancellation effective on or after the date Thimble receives the LPR.
Related: Producer Payment Agreement to Assume Financial Responsibility
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