| Q1: |
How do you prefer submissions to be transmitted
to you? Mail? FAX? E-Mail? |
| A1: |
We very much prefer submissions to be transmitted
by e-mail; however, we readily accept submissions transmitted by
FAX or Mail. |
| Q2: |
May we use the Workers' Compensation
Supplemental Application Form of our choice? |
| A2: |
No. Most carriers will accept the
Singlepoint Supplemental Application Form (click
here). |
| Q3: |
What rates of commission does Singlepoint pay? |
| A3: |
Our rates of commission vary depending on premium
size and whether or not we have to reduce our gross commission
in order to compete more favorably. For typical commissions, click
here. |
| Q4: |
Does Singlepoint charge an administration fee? |
| A4: |
Yes. Typically, Singlepoint charges an administration fee of 1% with a minimum fee of $500. Our administration fee may vary from policy to policy depending
on premium level and anticipated service requirements (e.g., waivers
of subrogation, certificates of insurance, exposure changes, ...).
Our administration fee is fully earned at policy inception. |
| Q5: |
Do Producing Brokers pay gross or net (of their
commission)? |
| A5: |
Since we must pay our carriers gross (i.e.,
the full amount of the deposit amount without deduction for commission),
Producing Brokers must remit gross to us. Further, interim (i.e.,
other than
deposit)
premium payments and final audits are direct bill from the carrier
to the insured. Producing Brokers will receive their commission
from Singlepoint approximately 45 to 60 days from the end of the
month in which a transaction was effective. |
| Q6: |
Do you require the insured to sign application
forms? |
| A6: |
For quotation purposes, we do not require the
insured to sign application forms. However, if we bind an account,
we do require the insured to sign application forms and deliver
them to us within one week of the binder effective date. NOTE:
Application forms means the Workers' Compensation Application Form
and the Workers' Compensation Supplemental Application Form. |
| Q7: |
May I bind coverage
on behalf of Singlepoint and their underwriters? |
| A7: |
Producing Brokers have no binding authority
and shall act only in the exclusive capacity of an "Insurance Broker" as
defined by Section 33 of the California Insurance Code. Coverage
can only be bound by Singlepoint after Singlepoint has received
authorization to bind from its underwriter (e.g., Insurance Company
of the West). |
| Q8: |
How may a Producing Broker request
a binder or coverage modification? |
| A8: |
Requests for binders and coverage
modifications must be received by Singlepoint by means of hard
copy media via personal delivery, express delivery, mail, facsimile,
or e-mail. Requests by telephone conversation, voice mail message,
or other nonwritten media are unacceptable unless confirmed by
means of hard copy media (see above). |
| Q9: |
Will Singlepoint provide loss runs,
Bureau XMOD worksheets, Bureau inspections, loss control reports, and other similar reports
to Producing Brokers. |
| A9: |
When our underwriter sends us these
types of reports we routinely send them to our Producing Brokers.
If a Producing Broker cannot wait for routine handling, a request
for special handling should be sent to one of our Broker Representatives.
NOTE: Bureau XMOD worksheets, Bureau inspections, and much more
are available from the WCIRB directly. |
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