Promissory notes no longer required for audit payment plans less than $50K
Our agent partners told us our promissory note requirement for some audit billings felt like a cumbersome extra step. To make the payment process easier for you and our mutual customers, we no longer require promissory notes on many of our audit additional payment plans.
Effective Oct. 1, Pinnacol no longer requires a promissory note on audit payment plans under $50K. Those customers will receive an email from Pinnacol that includes the amount of additional premium they owe and payment coupons. In the email, we encourage customers to call our Customer Experience team at 303.361.4000 for assistance if they’d like to make their payments online through our Policyholder Portal.
It’s important to note Pinnacol still requires promissory notes for accounts over $50K, and we ask that those customers follow our existing process and mail the original promissory note to us for our records. As a reminder, if Pinnacol doesn’t receive the promissory note within 10 days, we may cancel the policy. We have also increased the reinstatement periods for eligible policies to three times during the rolling 12- month period. You can find more information about coverage reinstatement in Section 2 of the Agency Manual, which is located on the Agent Portal.
As a reminder, the commission will be paid to the agent for only the portion of the audit additional which Pinnacol receives within 90 days from the invoice date. No commission will be paid on subsequent payments that extend beyond the 90-day window. You can find more information about agent commission in Section 8 of the Agency Manual.
We appreciate your valuable feedback as we continue to look for ways to enhance the experience we deliver to you and to our mutual customers. If you have questions or you would like more information, please contact your Pinnacol agency relationship manager.