| NEW YORK MUTUAL UNDERWRITERS | ||||
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DIRECT BILL PROGRAM |
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Effective July 1, 2007 Basic features of our Direct Bill Program include the following: |
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| 6-Pay Plan available
for BOTH Commercial and Personal Lines Policies 9-Pay Plan available for ONLY Commercial Lines Policies |
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6-Pay Plan |
9-Pay Plan |
Billing Cycle |
Due Date | |
| 25% down | 20% down |
of the annual premium is required when coverage is bound |
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| 15% due | 10% down | 30 days after the policy effective date |
Payment |
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| 15% due | 10% down | 60 days after the policy effective date | for each | |
| 15% due | 10% down | 90 days after the policy effective date | bill | |
| 15% due | 10% down | 120 days after the policy effective date | is due | |
| 15% due | 10% down | 150 days after the policy effective date | within | |
| 10% down | 180 days after the policy effective date | 20 days | ||
| 10% down | 210 days after the policy effective date | after the | ||
| 10% down | 240 days after the policy effective date | bill date | ||
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Fees that might be applicable |
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$ 7.00 |
per each installment billing | |||
| $ 25.00 | per each check returned for insufficient funds | |||
| $ 25.00 |
late payment fee if cancellation for non-payment is issued |
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 |
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NOTE:
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If a 2nd cancellation for non-pay is issued during a policy period, the next bill will require full payment of the remaining premium and all applicable fees. |
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PAYMENTS MAY BE MADE BY CREDIT CARD (Visa, MasterCard, Discover) |
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