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Avalon wishes
you a Happy New Year! To kick off 2011, we are excited
to announce several enhancements to our billing process.
You spoke and we've listened. Based on your suggestions,
we have further streamlined the issuance of our
invoicing process and are implementing the following
improvements, effective Jan. 6, 2011:
Timeframes to receive invoices and/or monthly statements
If you prefer receiving invoices for your bond and cargo
transactions vs. a monthly statement of activity, you
will
now receive
invoices on a weekly
vs. daily basis;
invoices will generate
every Monday for the
prior week's activity.
If you receive a
monthly statement for your
bond and cargo activity, you will continue to
receive your statement
on the same day of each month. Your annual insurance
policies will continue to be invoiced as they are bound. These
timeframe changes do not alter Avalon's existing 20-day
payment terms, we are simply providing
an easier way to reconcile your invoices.
Click here for
a summary of our existing payment terms for your easy
reference.
Electronic Invoices and
Available Formats
Avalon
continues to offer electronic invoices since first
announced in our
Jan. 30, 2009 Special Quest.
You can now decide how to receive your Avalon invoices
and/or statements electronically. We can e-mail invoices
in PDF, Excel or both file options, or continue to mail
hard copies of your invoices or statements, if desired.
A non-editable PDF supports the Sarbanes-Oxley Act
regulation, and an editable Excel format allows you to
input the invoice into your own accounting system. In
addition, when items are paid before an invoice is
generated, the item will still appear on your invoice,
and will note $0.00 due with the original premium for
better recordkeeping. We also support flexibility in our
invoice distribution. If you would like to change who
receives Avalon's invoices, please contact your local
Avalon representative or your Accounts Receivable
representative. In addition,
we also allow for wire and/or ACH payment options, as
originally announced in our
April 20, 2010 Special
Quest.
Past Due Notice
When applicable, a Past Due Notice will be sent on the
fifth of the month or on your statement date. The Past
Due Notice is an
easy-to-read summary of unpaid premium, unapplied cash
and/or unused credits. Past Dues
will no longer be
included with newly billed items.
Courtesy Notice of Intent to Cancel
As also announced in our
Jan. 30, 2009 Special Quest, Avalon distributes a Courtesy Notice of
Intent to Cancel 10 days before we anticipate the
insurance company may cancel your bond and/or insurance
policy for non-payment of premium. This process is
designed to protect your business from a dangerous lapse
in coverage by providing an early warning that your
bond(s) and/or policy payment(s) are overdue.
Going forward, when a Courtesy Notice of Intent to
Cancel is sent to you, the e-mail will also attach your
original invoice. This will begin in early February.
Please note, insurance
companies also monitor the number of cancellation
notices a client receives. Repeated cancellation notices
for non-payment of premium may force insurers to require
any remaining premium be paid in full or deny
reinstatement of your surety
bond and/or insurance policy.
Avalon Risk Management is proud to be an innovative
organization that regularly implements customer
feedback. As always, Avalon continues to offer
electronic invoicing options for our customers and
strives to continually enhance the products and services
we offer you. We are a premier provider of innovative
insurance and surety solutions for logistics providers.
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