Leatherstocking Cooperative Insurance Company has 1 payment plan.
The payment plan consists of 8 payments.
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Initial payment / down payment - 30% Due on policy effective date or renewal date.
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7 consecutive monthly installments of 10% of the annual premium.
The flexibility of our billing plan allows insureds to pay their premiums in convenient installments. A $4.00 service charge will be assessed on all invoices subsequent to the down payment or renewal invoice.
General Conditions:
We will bill the insured for the premium due plus a service charge. The insured has the option to pay the total premium, installment premium, or any amount between the minimum due and the total balance.
Any premium adjustments resulting from changes to the policy will be reflected in subsequent bills.
If a policy is canceled, any unearned premium will be applied against the unpaid balance. If there is no unpaid balance, the unearned premium will be refunded.
All due dates are based on the effective date of the policy.
If the 30% down payment is not paid, the payment plan will be altered.
Lack of sufficient down payments and/or late payments will alter the payment plan.
Cancellation for non payment:
If a payment is not received by the due date, a Cancellation Notice for non payment is issued.
Late Payment Fee:
If a payment is not recieved by the due date, a Cancellation Notice for non payment will be issued. A per-policy charge of $10.00 will be assessed when a Cancellation Notice for non payment is issued.
Reinstatements:
A Reinstatement Notice will be issued and mailed if payment is received prior to the effective date of cancellation.
Non-Sufficient Fund (NSF) Checks:
A $25.00 fee will be charged upon receipt of a non-sufficient fund (NSF) check from the insured in payment of a policy premium.