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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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