ITIC circular: Payment of premium
Date: Thursday 7th January 2021
To all members and insurance brokers
Please forward this circular to your finance department
We are increasingly noticing that payments of premium are being sent to the wrong bank account (UK and not Europe), being made for the wrong amount or are being paid with insufficient details to enable the accurate allocation of the cash against the ledgers.
We hope your finance department will find the following a useful guide. It will save time and stop us having to chase you for something that you thought you had paid!
1. Check that the amount you are paying matches with the amount on your debit note. It is easier to discuss any differences before payment is made.
2. Please check that you are paying to the correct bank account. ITIC has several fronting arrangements in place and so the bank account may vary even for the same member or broker. The details are on each debit note. For reference, please click here to see all the bank accounts in use.
3. Please provide the member reference and/or debit number within the banking remittance information. The member number is a four digit number and the debit note number is six digits, starting with the letter D. You should be able to include these details in the banking reference box.
4. Please send an accompanying remittance e-mail to ITIC@thomasmiller.com. It would be helpful if the e-mail title included the words “premium remittance” to make it easier to find.
5. Please try to use banking software rather than cheques. Due to the COVID-19 outbreak our teams are currently working remotely. Any information or cheques received by post will experience a delay while these are redirected to the relevant teams.
6. Check the taxation calculations. You need to agree all the amounts on the debit note and taxes, in particular, may vary depending on the underwriting declarations. Again, please raise any questions sooner rather than later.
7. Check the brokerage amount ties in with your ITIC arrangement. This should be clear from the commission statement which accompanies the policy documents and debit note.
8. Don’t deduct brokerage from the continuity credit. Broker’s commission is on the gross premium, not the net (of continuity credit) premium.
So in summary: Please pay the right amount, to the correct account and let us know what you are paying.
For International Transport Intermediaries Management Co Ltd.
Managers of International Transport Intermediaries Club Ltd.