Binding
Payment methods, binding process rules, and federal filing requirements.
Payment Methods
Credit Card
PreferredCredit card is the preferred method for collecting the down payment to bind a policy. Requires the following documents PRIOR to processing:
- •Name on the card MUST be the company name or the owner of the company
- •Picture of card and driver's license of owner
- •Card owner signature authorizing the transaction on our form
Wire Transfer
2nd OptionWire transfer is the second option for down payment. It is safe and reliable — coordinate directly with the carrier for wire instructions before the client sends funds.
Checking Account (EFT / eCheck)
Last ResortChecking account / EFT / eCheck is the last resort for down payment. We will NOT bind the policy until AFTER the payment has fully cleared — this takes 7 business days. No exceptions.
General Binding Process
Collect downpayment and signed finance agreement BEFORE binding any policy.
Get the application signed BEFORE binding — this is required to receive your commission.
Always double-check the effective date is correct before binding. Errors are very difficult to fix.
Store the signed application in the files section of the lead/customer record in the CRM.
Use the I4T email and phone number on all submissions and client-facing communications.
Never bind without a signed application on file. No application = no commission. This is a hard rule across all carriers.
Federal Filings — Important Rules
All insurance policies with federal filings require 35 days advance notice to cancel. Customers cannot get a same-day cancellation.
Client options if they want to cancel:
Revoke their operating authority with the FMCSA
Purchase a replacement policy before the cancellation takes effect