This resource guide provides key information about First Insurance Funding and how premium financing works for eligible Excess & Surplus (E&S) policies placed through Bold Penguin.
First Insurance Funding is Bold Penguin's integrated premium finance provider. Premium financing gives eligible insureds the flexibility to spread the cost of their annual insurance premium into scheduled monthly payments rather than paying the full annual premium upfront.
When is First Insurance Funding Used?
Many Excess & Surplus (E&S) policies available through Bold Penguin's E&S markets are agency billed.
Unlike many admitted carriers that offer direct monthly billing, agency-billed E&S policies generally require the entire annual premium to be collected before coverage can be bound.
For eligible policies, First Insurance Funding provides an integrated financing option that allows insureds to:
Make a required down payment.
Finance the remaining premium balance through scheduled installments.
Complete the financing agreement electronically as part of the binding workflow.
Premium Finance Workflow
For eligible policies, the process is as follows:
The insured receives a quote from an eligible E&S market in the Bold Penguin Terminal.
The insured elects premium financing, if applicable.
A First Insurance Funding Premium Finance Agreement is automatically generated.
The insured reviews and electronically signs the Premium Finance Agreement.
The insured selects whether to:
Finance the premium through installments, or
Pay the annual premium in full.
If financing is selected, the insured submits the required down payment by credit card.
Once payment has been confirmed, the policy is eligible for binding.
⚠️ Important: Signing the First Insurance Funding Premium Finance Agreement does not commit the insured to financing the policy.
The premium finance loan is finalized only if the insured selects the installment payment option at checkout.
If the insured chooses to pay the annual premium in full, they may:
Decline the Premium Finance Agreement, or
Sign the Premium Finance Agreement and still pay the premium in full.
In either case, no premium finance loan will be created, and any signed Premium Finance Agreement will be considered null and void.
Payment Options
The Bold Penguin Terminal currently supports the following payment methods for premium finance down payments:
✅ Credit Card
Additional payment methods, including ACH/bank account payments, will be available in a future release. There are no additional processing fees for submitting a premium finance down payment by credit card.
Frequently Asked Questions
Does my insured have to finance the premium?
No. Premium financing is optional. Eligible insureds may either:
Finance the premium through First Insurance Funding, or
Pay the annual premium in full.
Can I use my own premium finance company?
No. At this time, the Bold Penguin Terminal only supports premium financing through First Insurance Funding. Third-party premium finance companies cannot be used within the integrated payment workflow.
Why is the Premium Finance Agreement included if my insured plans to pay in full?
The Premium Finance Agreement is automatically generated for eligible policies as part of the checkout process.
If the insured decides to pay the premium in full, the finance agreement can be skipped, or, if already signed, it will automatically become null and void once full payment is made.
What payment methods are accepted?
Currently, credit card is the only payment method supported for premium finance down payments completed through the Terminal. Support for ACH/bank payments will be available in a future release.
Are there any credit card processing fees?
No. There are no additional fees for submitting a premium finance down payment by credit card through the Terminal.
Need Assistance?
If you have questions regarding premium financing or the payment workflow, we're here to help.
General questions about the process or best practices: Contact your Customer Success Manager (CSM).
Questions regarding an active quote, financing eligibility, or the binding process: Contact the North Peak Access Underwriting team at Underwriting@northpeakaccess.com.
Experiencing an issue within the Bold Penguin Terminal? Please contact Bold Penguin Support via email or chat support.