FAQ
Why Choose AFCO or CAFO?
How do I start financing with AFCO?
What is your overnight address?
Can I pay online or with a credit card?
How do I wire a payment?
How do I change my address?
How does premium finance compare with traditional bank finance?
Is there extensive documentation?
Is premium financing a recent innovation or has it been time tested?
Do AFCO and CAFO offer me competitive rates?
Is the interest on my loan tax deductible?
Can the loan be repaid prior to the final due date without penalty?
Why Choose AFCO or CAFO?
We represent stability and funding capacity in an often changing financial market. When there's a credit crunch or problems with liquidity, AFCO and CAFO continue to provide a reliable source of funding, combined with customer service that is second to none. We are chosen because of our reputation for flexibility and creativity in demanding premium finance situations, and we are known for our experience in all markets.
How do I start financing with AFCO?
Premium financing is offered through the independent agent/broker/producer network. If you are a business insured, contact your insurance producer and ask for a premium finance quote through AFCO or CAFO.
If you are an agent, broker or producer, complete the enrolment form under FORMS on this website and submit to the office closest to you. Or, e-mail us directly at: info@afcocafo.com.
What is your overnight address?
AFCO Credit Corporation
Attn: Cashier
4501 College Blvd. Ste. 320
Leawood, KS 66211
(Please include your account number on your check and send it to the attention of Cashier. Most overnight companies prefer a local phone number and it is 913-491-6700).
Can I pay online or with a credit card?
AFCO does not accept online or credit card payments. Checks need to be mailed or payments can be wired.
How do I wire a payment?
Some banks let you do a wire over the phone while other banks ask that you come into the bank to initiate a wire. Please contact your bank and give them the following information:
AFCO
AFCO ACH/WIRE INSTRUCTIONS
Bank of New York Mellon
Mellon Client Service Center
500 Ross Street, Room 0960
Pittsburgh, PA 15262
(412) 234-6200
For the account of AFCO Credit Corp.
ABA routing number 043000261
Bank account number 014-0804
Please include your name and AFCO account number in the memo portion of the wire transfer. If no memo field is available, please fax a confirmation of payment via EFT to our Cashier Control department at 913-491-3912.
4501 College Blvd., Ste. 320
Leawood, KS 66211
(913) 491-6700 Office ยท (913) 491-6638 Fax
How do I change my address?
Please send a fax with your new address to 913-491-6638. Please include your account number on the fax.
How does premium finance compare with traditional bank finance?
The underlying asset of the insurance policy is the collateral for the loan. That's why AFCO and CAFO do not require compensating bank balances, and premium finance usually doesn't disturb existing credit arrangements.
Is there extensive documentation?
When compared with other loan documents, the premium finance agreement, or premium installment contract in Canada, is a surprisingly straightforward two-sided document. The United States and Canada have differing document requirements.
Is premium financing a recent innovation or has it been time tested?
Back in 1952, the president of The Continental Insurance Company introduced the idea of an industry wide premium finance company at The National Board of Fire Underwriters. When the concept of an industry wide company was rejected, Continental formed its own company, AFCO, in 1953, and CAFO in Canada in 1954. The subsidiaries were operated completely separately from Continental Insurance and were empowered to finance premiums written by any insurance carrier, not only Continental.
The industry is tightly regulated under the statutes of more than 40 jurisdictions in the United States.
Do AFCO and CAFO offer me competitive rates?
Yes, our rates are comparable to rates in the short term market. Pricing is also affected by the down payment amount, the number of payments and the date the loan is funded.
Is the interest on my loan tax deductible?
Yes, in most cases, but consult a professional accountant.
Can the loan be repaid prior to the final due date without penalty?
Yes.