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If
premium will be paid by the producer, it must be received
by DealerGuard in full (net of commission) within (10) days
of the effective date. If premium will be financed by the
producer, DealerGuard must receive a copy of the finance company
application within that same (10) day window.
Under
our standard physical damage program, dealers also have
the option of self-reporting their monthly inventory values
and paying premium to us directly. Producer commissions
will be paid by DealerGaurd by the 15th of the month following
that in which the premium is collected. If the self-reporting
option is elected, a one-month security deposit (non-commissionable)
will be required within (10) days of the effective date.
This deposit will be returned to the insured at expiration
of the policy provided all premium obligations have been
satisfied.
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