Standard Premium Finance Service Company is an insurance premium finance company
providing loans to individuals and businesses purchasing property and casualty insurance
Based in South Florida, Standard is an industry-leading premium finance company
with annual sales in excess of $60 million. Operating throughout the Southeast,
Standard has regional offices in Miami, Atlanta and Dallas. Our loans typically
range from $1,000 to over $500,000.
We know you have a choice in premium finance. With one look at our state-of-the-art
software and industry-leading customer care you will soon come to learn as hundreds
of our current agents do that at Standard, We Place a Premium on Service!
These loans are generated through independent insurance agencies. When we provide
an insurance loan, the borrower pays a down payment equal to at least two months
earned premium to Standard. Standard then advances payment for the policy in full
to the insuring company. This down payment typically provides the equity to cover
any earned premium from the inception date of the policy until the earliest possible
time the policy can be canceled.
Upon executing the loan, the borrower assigns his or her rights to any and all unearned
premiums and dividends to Standard. The borrower further agrees to appoint Standard
as his or her attorney in fact. This power of attorney gives us the right to cancel
the policy in the event of non-payment and to receive all unearned premiums and
credits. Thus, the unearned premium in the insurance policy provides Standard with
the collateral for each loan.
In most states, admitted insurance companies contribute to and are covered under
a guarantee association. These state-administered associations are typically funded
through assessments of insurance companies writing premiums in that state. In the
unlikely event of an insurance company insolvency, these funds provide payment of
loss claims and/or unearned premiums to the insured or its assignees or designates.
When an insurance policy is financed, the unearned premium is returned directly
Our target market includes the personal and small commercial lines of insurance
with premiums usually under $100,000. This multi-billion dollar a year segment of
the industry provides the financing for policies purchased by insureds unable to
obtain insurance through the large standard carriers, such as State Farm, Allstate,
Since commencing operations in 1991, Standard’s accounts receivable has grown to
over $30 million. The Company has established a group of loyal agents supplying
it with a regular flow of business. The Company continues to grow by delivering
quality service and providing personal attention.