Premium funding is a tool which allows farmers to pay off their premium for Weather Certificates in instalments rather than a one off payment over their risk period. This allows farmers to better distribute their costs over time and spend their money within their cashflow. CelsiusPro has the ability to provide premium funding via its relationship with Prasidium Credit Insurance and Attvest Financial.
Premium Funding Application Form
What is Premium Funding?
Applying for Premium Funding
To apply for premium funding you need to have all of the following:
An account with CelsiusPro (click HERE to open account)
An official Weather Certificate Offer that you wish to purchase
A picture of a driver’s license or passport for each Company Director or Partner
Copy of your business' Current Financials from your accountant if you choose CelsiusPro's Premium Funder
There are two options you can choose to fund your Certificate: one, CelsiusPro’s Premium funder or two, using your Grain Warehouse Receipt. If you believe your financial accounts could be accepted by a credit insurer then choose CelsiusPro's Premium Funder. If this isn't the case then Attvest can use your Grain Warehouse Receipts instead!
Premium funding Example
A Grower discusses a cover with CelsiusPro or introducing party. An Offer for a Weather Certificate is made and the Premium is $25,000. The risk period for the cover is 6 months. The farmer has decided to pay it over 6 instalments over the risk period as it works within his cash flow. The current interest rate for the Premium Fund is 7.5%.
Premium:
Interest Rate:
Interest Charged:
Instalments:
Instalment Amounts:
Application Fee:
Total paid back:
$25,000
7.50%
$1875
6
$4,479
$60
$26,935
Your National Grain Register number if you choose to fund the premium with your Grain Warehouse Receipts
The application for premium funding, situated below, needs to be approved one month prior to the start of the risk period, so we advise leaving plenty of time to apply.