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New Requirement: Down Payments on Premium-Bearing Endorsements

Last Updated 1/12/2026

Endorsements that generate additional premium in the amount of $500 or more will require a down payment to bind.

Key Details:

  • What’s Changing: Previously, premium-bearing endorsements on policies with an annual premium under $10,000 did not require an upfront down payment; additional amounts were added to the existing premium or loan balance. To align with standard industry practices a down payment will be required for all endorsements that generate additional premium in an amount of $500 or more.
  • Down Payment Amount: The required down payment amount will vary based on the remaining term of the policy’s financing.
  • Under $500: Payment in full is required. Financing is not available.

Why This Change? The new requirement enhances financial responsibility and encourages proactive policy management among agents and policyholders.