FAQ ID # 398
Traders Insurance Bind Online
Last Update : 2018/06/19
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Question / Issue
Traders Insurance: How the Consumer Bind Online Process Works (available in MO)

Answer / Solution

Traders Insurance offers online binding through TurboRater for Websites for their MAJESTIC product in Missouri. The process works as follows:

  • Client Clicks "Buy Now"
    • The client is then taken to Trader's online insurance application.
    • On the application, the client will confirm the information they entered on the quote as well as be prompted for additional information Trader's requires to bind a policy.
  • Client completes the online insurance application
    • When the application is completed, the client will click next and their application will be submitted to Traders to verify the risk is still acceptable and to confirm the quote.
  • The application is electronically underwritten
    • We confirm the client is still an acceptable risk for Trader's to bind online.  If we determine they are not, we will advise the client to contact the agent to complete their application.  We will also send you the agent an email to let you know your client's application needs to be processed manually.  An example of why an application is rejected could be undisclosed violations were found on the MVR.
    • If the application is acceptable, Trader's will provide an updated quote
  • Client chooses their desired pay plan and enters their credit card information
    • The credit card is processed to ensure funds are available. 
  • The policy is bound
    • If the funds are available, the policy is bound.
    • The client is provided proof of insurance cards and a receipt for their credit card transaction
    • The client also receives two emails:
      • One email from Traders requesting they e-sign their application
      • Another email from TranzPay requesting an e-sign for the credit card charge
  • The downpayment and if applicable, your agency fee, is deposited into your agency's account by the credit card vendor, TranzPay
  • Trader's sweeps your account for their downpayment.

Related FAQs
Traders - MAJESTIC: Activate Consumer Bind Online (available in MO)
How to activate online binding for Traders MAJESTIC

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