Insurance Information
Under the terms of your contract, you must insure the equipment you've financed with us, naming us as loss payee. You can satisfy this requirement either by obtaining your own insurance coverage or by electing to participate in an insurance program that we've arranged.
Next steps
An Important Insurance Notice and a brochure were mailed to you. This introduction gives a quote for our coverage and, if you decide to provide your own insurance, contract-specific guidelines for your agent to ensure your coverage meets our requirements. If you have questions, please contact our insurance representative by phone at 888-873-1917 or by email at [email protected]. The brochure provides additional information regarding the coverage we offer.
How to submit your own coverage
Contract-specific guidelines for your insurance agent are included in the Important Insurance Notice that we'll mail to you within 2 weeks of the commencement date of your contract. We recommend sending these requirements to your agent so your policy can be updated accordingly and so your agent can submit an acceptable certificate of insurance to our representative.
At a minimum, your certificate of insurance must include the following information:
- Property coverage naming us as loss payee
- Your insurance policy number and insurance company name
- The effective and expiration dates of your coverage, which must be current
- Coverage amount, which must be equal to or greater than the total cost of the equipment on your contract
- A description of the equipment on your contract that is being covered
- Please provide the insurance certificate by email, [email protected], or mail, PO Box 202133, Florence, SC 29502-2133.
What happens if I didn’t submit my proof of coverage at the beginning of my contract?
If satisfactory evidence of insurance isn't received by our insurance representative by your next invoice date, you'll be deemed to have elected to participate in the insurance program we have arranged, described below. If you provide your own coverage within the first 90 days of the commencement of your agreement and it's deemed satisfactory by us, any insurance charges paid will be given back.
What happens if my certificate of insurance requires corrections?
If you or your agent submit proof of coverage that doesn't meet our requirements, you'll receive a list of deficiencies by the same means you submitted—email or mail.
What are the features of our insurance plan?
Some of the features are broad coverage, including flood and hurricane with zero deductible. Losses under $100 aren't covered for all equipment except titled vehicles where losses under $500 aren't covered.
If I choose to participate in the Bank’s insurance, when will I begin seeing charges?
You'll notice the insurance charge on your second or third invoice.
If applicable, when will the credit be applied to my account?
Please allow 1 to 2 billing cycles for any applicable credit to your account—or refund at your preference—for any paid charges up to a maximum period of 12 months.
Where will I be able to see my credited payment?
Check the customer portal for all your invoicing needs. For assistance using the portal, call Customer Service at 800-253-0157.
Features of our insurance program
- Broad coverage including flood, hurricane and power surge
- The insurance charge won't change over the term of your contract
- No deductible—losses under $100 aren't covered for all equipment except titled vehicles where losses under $500 aren't covered
- Convenient insurance charge included in your invoice
Want to learn more about our insurance coverage? Download our Protection Plan brochure here (PDF).
Didn't get your Important Insurance Notice?
If you need a copy of your insurance notice, please contact the Insurance Service Center.
Get in touch with the Insurance Service Center
Phone: 1-888-873-1917 | Email: [email protected]
Mail: P.O. Box 202133, Florence, SC 29502-2133
Hours of operation: 8 a.m. - 8 p.m. EST Monday through Friday