What are Cover Whale's down payment requirements?

Last Updated 01/12/2026

If premiums are financed through Cover Whale’s premium finance program, the specific down payment amount will be included in the policy documents received following binding (and to be signed via DocuSign).

If financing is obtained outside of Cover Whale’s premium finance program, premiums are due in full to Cover Whale at time of binding.

Pro tip: monitoring the status of loans on behalf of your clients keeps you in the loop on the billing activity. Learn how to access premium finance companies’ portals here.

Pay-in-Full Requirement for Small Premium Changes

Effective 1/12/2026, any premium amount under $500 requires payment in full and is not eligible for premium financing. This applies to:
- Endorsements that result in additional premium under $500
- Any other premium-bearing changes under $500