Great news! We've updated our commission payment process, making it even simpler and quicker for our partners to receive their payments.
Starting now, policies and additional premium endorsements will follow these easy-to-understand guidelines:
Payment schedule:
Getting paid is straightforward and secure, thanks to automated clearing house (ACH) payments. We'll transfer your commission directly into your bank account, which you provided during the onboarding process. These payments are scheduled for the 8th business day of each month. Remember, to receive your payments without delay, keep your banking details accurate and up-to-date. If you need to update your ACH details, please do so here.
Getting paid is straightforward and secure, thanks to automated clearing house (ACH) payments. We'll transfer your commission directly into your bank account, which you provided during the onboarding process. These payments are scheduled for the 8th business day of each month. Remember, to receive your payments without delay, keep your banking details accurate and up-to-date. If you need to update your ACH details, please do so here.
- Cover Whale pays fully earned commission up front
- This means that unearned commission can be due back to Cover Whale throughout the policy lifecycle
Payment criteria:
Your commissions for policies or additional premium endorsements, that were bound the previous month (for instance, a policy bound in June will be paid in July), will be processed if it meets a few simple conditions:
Your commissions for policies or additional premium endorsements, that were bound the previous month (for instance, a policy bound in June will be paid in July), will be processed if it meets a few simple conditions:
- The payments on the policy or endorsement should be current, with no past-due amounts
- Full funding should be received from the premium finance company to Cover Whale, or we've received a complete payment for the policy or endorsement
- No unearned commissions should be due back to Cover Whale
*Commission statements are sent to the agency's billing email address. If you have questions, please contact your agency's billing representative.