FAQ & Glossary
How can I obtain a quote?
We are able to provide a quote upon receipt of any carrier’s fully completed, new business or renewal application.
Do I need to be appointed with CMI prior to submitting an application?
No. CMI will accept submissions without a producer agreement in place however a producer agreement must be executed prior to binding a policy.
Who should I address my submission at CMI?
Check out our “Contact Us” area for a list of our CMI Brokers and Representatives.
How long after submitting an application can I expect to receive a quote or indication?
In most cases you can expect to receive a quote or indication within 5 to 7 business days of submitting a completed application. Some coverage lines will require more time so please consult with your CMI representative.
What is required to bind coverage?
Carriers stipulate their own binding requirements. Those requirements are detailed in the quote CMI provides you. Upon receipt and review of those items we are able to obtain bindable terms in most cases.
How can we receive an invoice?
Invoices are e-mailed with the binder. Additional copies can be provided upon request.
To whom should premium payments be made?
All taxes and fees are to be included with the premium and made payable to “Cooper & McCloskey, Inc.” CMI is responsible to file the policy with the insured’s home state and forward all taxes and fees. Send premium payments to Cooper & McCloskey, Inc. at 111 Pine Street, Suite 1530, San Francisco, CA 94111.
When is premium due?
Premium is due net 10 days after the effective date of the policy/endorsement. Due to the increasingly strict payment terms enforced by the carriers, notice of cancellation due to non-payment of premium may be issued after 10 days.
What does non-admitted mean?
Insurance carriers that are not licensed by the state in which the insured operates (also called “surplus lines carriers”) are non-admitted carriers. Non-admitted does not mean non-regulated. Non-admitted insurers can write coverage through licensed surplus lines brokers, such as Cooper & McCloskey. Surplus lines have been written by non-admitted carriers since the 1800’s, and generally are used when a risk is unusual, unusually large or when coverage is not available from carriers licensed in an insured’s home state.
To whom do we pay Surplus Lines taxes and fees?
All taxes and fees are to be included with the premium and made payable to “Cooper & McCloskey, Inc.” CMI is responsible to file the policy with the insured’s home state and forward all taxes and fees.
Do you provide financing?
We provide premium financing through Imperial PFS. They are fast, efficient and responsive. https://ipfs.com/
What is Premium Financing?
Premium financing provides a short term loan for businesses and individuals to use specifically to pay for property and casualty insurance coverage. The premium finance loan enables the insurance policy holder, known as the insured, to spread payments over the course of the policy instead of paying the entire premium up front.