Premium Accounting

Payment of Premium

Premium is due on the first of each month and should be remitted directly to us via wire of ACH.  The only exception is the initial premium deposit.  The initial premium deposit is submitted to our office during the sold business process.

We allow a grace period of 31 days.  Premium not received by the end of the grace period is considered past due.

Remitting Premium

The premium must include an explanation of the payment. We can provide a Premium Remittance Worksheet upon request or we will accept a customized worksheet. 

Premium Remittance Worksheet must include:

Group Name
Month of payment
Rates as shown on the application for each coverage
Enrollment for each coverage
Commission % withheld for each coverage
Totals for each coverage
Amount of payment

Premium Adjustments should be listed separately

Make Premium Payable to:

Contact BP Inc. directly for remittance instructions

Past Due Premium

Premium is considered past due if not received within the grace period of 31 days.  This may result in termination of coverage as of the premium due date for the unpaid premium. 

                Late Payment Notification 

The notification process will begin on the 10^th of the following month.                

                Termination Notification 

Termination Notifications are mailed to the group, producer and TPA. 

Enrollment Standards 

                Adjustments 

                Adjustments will be allowed for the prior 6
                months  

Adjustments for more than the prior 6 months will be reviewed on a case-by-case basis. Contact BPI to determine what documentation will be needed for our decision. 

                Enrollment Changes  

Fluctuations in enrollment of 10% from the contract effective date may result in a change to rates and/or factors. 

In order to make a determination, we may request an updated census.