BindHQ Invoice Line Item Types

Line Item

Also Known As

Description

Premium

–

Used to capture the price charged for providing the coverage. Depending on the Billing Type of the transaction, this might be on the invoice to the agent (Agency Bill) or not (Direct Bill).

MGA Fee

Policy Fee

Fee charged by the MGA/Wholesaler/MGU. Appears as a Receivable from the Retail Agent on Agency Bill invoices. Counted in Net Revenue in BindHQ.

Inspection Fee

–

Fee charged by the MGA/Wholesaler/MGU for performing an inspection on the risk. Appears as a Receivable from the Retail Agent on Agency Bill invoices. Counted in Net Revenue in BindHQ.

Retail Agency Fee

Agent Fee

Fee charged by the Retail Agency to the Insured. Does not impact MGA/Wholesaler/MGU ledger or accounting. May display on documents like Binders and Quotes.

Carrier Fee

Marketing Company Fee

Fee collected on behalf of the insurance carrier or marketing company. Can be passed through to the carrier and may appear on invoice documents depending on billing setup.

Carrier Inspection Fee

Marketing Company Inspection Fee

Fee collected on behalf of the carrier or marketing company for inspections. This is typically passed through and not included in the MGA’s revenue.

State Tax

SLA Tax, Surplus Lines Tax

Statutory tax imposed by the state on surplus lines policies. Generally passed through to the appropriate authority.

Stamping Fee

SLA Stamping Fee

Regulatory stamping fee applicable on surplus lines placements. Collected and remitted to the stamping office as required.