MBA Insurance Billing and Deposit Policy

Billing

Premium is billed in arrears (i.e. in February you will be paying your January premium). Deposits are required on all units because of this (see below for deposit policies). Monthly premium bills are available for viewing in the rental dealer area of our website on the 1st of each month (see dealer log-in instructions for help locating your bill). Payments are due on the 15th of each month.

Pro-rating

Additions – Full monthly premium per unit will be charged for units added from the 1st – 25th of the month. Units added on or after the 26th will be charged one week's premium.

Deletions – Premium will be pro-rated using the following system:

Deletions occurring between the 1st and the 25th of the month- Regardless of date added, unit will be charged from the first of the month to the date removed. (i.e. a unit added on the 7th and deleted on the 15th will be charged for 15 days).

Winter

During the months of October-April you may place some or all of your units on winter status. This will remove rental coverage from the units, but all other coverage will remain in place. This is done on a month to month basis therefore we can only make it effective on the first of a month.

If you would like to place your unit on winter and it has been rented during that month, we will make it effective for the first of the following month. If a unit needs to be placed back on rental status we will make it effective on the first of the month and you will be charged a full month's premium. Any units on winter status after the April cut-off will automatically be taken off winter status effective May 1st .

The premium for units on winter status is approximately half the normal rate.

*Winter rates are not available for all policies. Please contact our office if you are unsure if the winter program is available to you.*

Deposits

MBA requires a deposit for each unit added to your policy. Deposit amounts are determined by taking an average of two months premium for all active units at policy start-up, and will be revised at policy renewal. Deposits are not billed per individual unit, only as a number of active units. Deposits are required to be received in our office prior to policy startup, or ten days from deposit billing for additional units added. Policies with insufficient deposits on hand are subject to cancellation. Deposits will be refunded at the end of the policy term or cancellation of the policy. You can also submit a request to have excess deposits refunded when units have been removed from the policy.

***Deposits are entirely separate from your monthly premium and are not a credit towards your premium; you are responsible for paying monthly premiums at policy inception. Your first premium billing will occur on the 1st of the month following policy startup

Payment Methods

Check

Premium and deposit premiums may be made via check by mail to our office at 8383 E. Evans Road Scottsdale, AZ 85260. Please make checks payable to MBA, Inc.

ACH Payments

You may set your policy up for automatic payments withdrawn from a checking or savings account. Please contact our office for an ACH Authorization form if you are interested in this payment method.

Credit Card

Payments cannot be made online, however if you'd like to pay your premium via credit card you can contact our office to do so. We cannot process credit card payments until we receive written authorization to do so. Premium payments made via credit card are subject to an administrative fee.

Cancellation

You may cancel your policy at any time by submitting a written cancellation request via fax, mail or email. You may call our office to request a cancellation form, however, no cancellation will be processed prior to receipt of the signed form. Any such cancellation will be effective as follows:

Mid-month – your premium will be pro-rated for the number of days the policy was in force.

First of the month—no premium will be charged for that month.

Last day of the month—full month's premium will be charged for that month.

Any premium due will be paid from deposits on hand before a refund is issued.

Suspension

As a courtesy you may request to place your policy on suspension during your off-season. Said request must be in writing via fax, mail or email. You may call our office to request a suspension form, however, no suspension will be processed prior to receipt of the signed form. Suspending your policy will remove all coverage from your policy but keep your information active, which simplifies the process of starting back up for your next rental season. Please note this may affect lien holder requirements. Once your policy is placed on suspension you must reactivate for a minimum of three months before your policy can be placed back on suspension. Any such suspension will be effective as follows:

Mid-month – your premium will be pro-rated for the number of days the policy was in force.

First of the month—no premium will be charged for that month.

Last day of the month—full month's premium will be charged for the month.

Any premium due at the time of suspension will be paid from deposits unless otherwise requested. You will have the option of either being issued a refund of deposits for the off-season, or having us hold your deposits for next season. Any refund of deposits will be issued after any premium due is paid.

You may reactivate your policy at any time, however, deposits must be paid prior to reactivation and the policy must remain in force for a minimum of 3 months before your policy can be placed back on suspension.

Late Fees

Payments will be considered past due at 12:00PM on the 15th . Payments received after the 15th but prior to cancellation notices being mailed by MBA will be subject to a $50 late fee. If MBA mails a cancellation notice, as required by statute, an additional $50 late fee will be assessed.