Binding 👍

Payment

Determine how insured will pay:

• Agency Bill: Utilize the accounting new business/renewal checklist for all Agency Bill processes and: communicate the agency fee (minimum $150). Watch this video! 

  • • Paid in Full/Financed: Accounting invoices the insured (or activates/links PFA for financed), attaches the invoice to the policy notes, and records amounts (per accounting checklist). For financed policies, the finance agreement must match binder dates. Use account numbers (not quotes) for linking (Ascend: use account link). Prioritize paid-in-full (Ascend allows paid-in-full or 12-month minimum).

    • Mortgagee Bill: Invoice the bank if possible (check directory for contact info), but the insured is responsible. Send the insured the invoice and instructions to contact their bank. Document this arrangement in policy notes. Get insurance authorization change doc and also 

• Direct Bill:

  • • Fees: Communicate any fees collected to accounting for reconciliation.

    • Payment Received: If payment was collected directly, ensure accounting pays the carrier and confirms clearance.

    • Mortgagee Bill: Get insurance authorization change doc and also 

Application and Pre-Binding

• Check Coverage Standards Video: Go to your department homepage (Personal, Commercial, or Trucking) and check the listed coverage standards of the policy LOB being bound. We need to automatically apply our coverage standards at all time.

• Subjectivities 

  • • Trailing Documents: Determine if trailing documents are needed (registrations, proof of prior). Add to notes. If the carrier requires documents at binding, the producer must send them. Get this from the insured before binding coverage.

    • Carrier Specific (if applicable): Let the client know we need to complete the carrier onboarding now and don’t let them off phone, e-signatures, paperless discounts, and UBI sign up. This must be done when binding a policy to avoid future uprates.

    • Double Check Your Work: Make sure the quotes meet our coverage standards and there are no exclusions for this LOB that we do not want. Discuss with team lead before binding. 

• Verbal Authorization (Phone Bind): If binding over the phone, obtain explicit permission to process payment and bind coverage. Clearly state the effective date and any coverage exclusions. 

  • • Signed Documents: Ensure all required documents are signed: ACORD applications, EFT forms, agency checklists (Trucking checklist on Google Docs).  Specific instructions for each document type should be detailed here.

    • Carrier E-Signatures: Carrier website e-signatures are acceptable. Document the e-signature method in the notes. It is your responsibility to make sure it gets signed on carrier on website

Binding Coverage

• Online

  • • Bind coverage through the appropriate carrier system or portal.

    • Document the binding method, date, time, and policy number in the policy notes.

    • Review subjectivities again before binding.

• Email

• Send a bind request to the carrier using the designated template. Make sure to include the effective date and attach the quote you are looking to bind along with the subjectivities.

  • Binding Bind Request Email Templates (Carrier)

• CC the accounting department and any relevant finance companies.

• Document the bind request submission in the policy notes.

• If bound through a portal, document this in the notes as well.

Onboard

• Carrier Onboarding (if applicable)

• Sign application on carrier website 

• Sign up for UBI (snapshot, intellidrive, road rewards) 

• Sign up for a paperless discount. 

• Trailing documents for defensive driving course, prior insurance, inspection This is a critical step in avoiding extra work in the future and it must be done at time of binding. Do not proceed without completing this 

• Agency Onboarding

• Explain the client center as you set up the policy- let them know they have a portal to get documents, proof of insurance, request changes 24/7 no password needed just go to our website. 

• Remind them of text alerts and to make sure they have our number saved

• Remind them we have a dedicated service team to help them at all times 

• Remind the insured of their responsibilities (e.g., snapshots, audits). Document the verbal authorization in the policy notes.

Setup Policy (Ezlynx)

• Convert the application to a policy in Ezlynx (even if it downloads, this ensures the download matches up faster with no delays)

• Ensure the following data points are accurate: Line of Business, Master Company, Policy Number, Effective Date, Customer Name. This is crucial for download logic and avoids delays. For commercial lines double check your LOB (BOP and General Liability are not the same)

• If the policy number is unavailable, use the "P" prefix: P(app/quote/effective date). If the policy number already exists, search Ezlynx for the existing policy.

• Premium Entry:

  • Agency Bill: Enter Premium, Taxes, and Fees as separate line items. Link to the "Agency Bill Entry Video" for guidance.

  • Direct Bill: Enter the total premium (including taxes and fees).

• Update the submission center, if needed.

Issue Proof of Insurance

• Issue and share the following proof of insurance documents via the Client Center:

  • Acord 25 (Certificate of Liability) Get the Additional Insured forms and attach to folder

  • Acord 27/75 (Property Binder/Evidence of Insurance) 

  • Acord 23/ID Card or Auto Binder Get the Additional Insured forms and attach to folder

• Share any other relevant documents or receipts through the Client Center.

Manual Policy Bind Confirmation

• For manual policies, obtain the bind confirmation (or policy document) from the carrier/MGA within 5 business days.

• A tech will follow up to acquire the document.

• Verify that the binder's coverages match the Ezlynx policy. Report any discrepancies to an Account Manager or AOR.

Post-Binding Workflow

• A workflow will automatically generate the day after the effective date for both manual and download policies. (Link to the specific workflow documentation here)