Creditor FAQ
How is Silver & Associates collection process different from other agencies or attorneys?
Silver & Associates has developed a detailed, customized and unique electronic collections process which stands above the rest.
How does Silver & Associates process accounts for collections?
Every process is different but those that are efficient and effective follow precise steps to insure accountability and successful contact(s) with the debtor. To learn more about our General Recovery Process click here .
What do I need in order to place an account for collection?
The following information can be submitted in any format (online, email, fax or call 1-800-818-8848) as long as we can be provided the following information:
Business and/or Individuals Name
Mailing Address
Policy Period / Invoice or Proof of Service or Sale
Policy Number or Reference Number
Premium/Amount Owed
- Type of Premium/Insurance policy
- Agent/Producers Name & Phone (if available)
- Retail Agent (if applicable)
- Carrier Name
For more information regarding online placement procedures:
For Commercial Insurance, click here.
For Commercial Business, click here.
Is there a contract that I must sign with Silver & Associates?
All clients must register with Silver & Associates, and therefore agree to the following:
We the creditor, named above, hereby authorize Silver & Associates to act as its agent with respect to the collection of the account(s) submitted. The creditor also authorizes Silver & Associates to receive and endorse all checks issued in the creditor’s name for deposit into Silver & Associates’ trust account. Funds will be remitted to creditor after deducting any fees owed to Silver & Associates. The creditor will be held liable for Silver & Associates’ fees on any funds which the creditor receives directly from the debtor(s) named on submitted account.
In addition, all clients must agree to the Silver & Associates Terms of Use .
What experience does Silver & Associates have in commercial insurance collections?
Silver & Associates currently represents 7 of the top 10 insurance companies in the world. We are recognized by over 300 commercial Property/Casualty and group Life/Health insurance companies and over 600 agents and brokers across the country. We are the only collection agency to maintain a database of over 70,000 agents, 4,500 insurance carriers, as well as every State Department of Insurance. From our clients in Fairbanks, Alaska to our partners in Bloomington, Illinois, Silver & Associates is commonly referred to as THE commercial insurance collection specialist. No other agency understands the complex nature of this ever-changing industry. With over 60 years of experience, the leadership at Silver & Associates has customized unique procedures to accommodate the special needs of commercial insurance. Our exclusive advanced technology only makes our job that much easier. It is the Silver & Associates’ team, with their unequaled talent and experience that makes us a valuable asset to your company’s collection and recovery issues, and ultimately, your company’s success.
How do I know when and if the account that I have placed with Silver & Associates has been successfully collected or closed?
Silver & Associates provides superior customer service with the unique ability to format status reports using any criteria of provider information received by our database in order to provider details on the collection efforts and any payments. We guarantee the availability to deliver any reasonable customized report within 72 hours. The company reports currently provided to our clients are innumerable and some customized reports are also available online. Customized reporting vastly reduces the paper ‘monster’ and unnecessary administrative time and expenses Customized reporting vastly reduces the paper ‘monster’ and unnecessary administrative time and expenses.
As the first online collection agency, Silver & Associates provides most of our clients with secure internet access to their account information and are able to view all of the collectors’ notes, including details regarding conversations with debtors, any legal proceedings, disclosed research and payments. We work directly with your staff to help them understand the Silver & Associates’ online collections program with our simple step-by-step guidelines and tutorial.
We maintain a database of over 70,000 agents, 4,500 insurance carriers and we are online with all of the Commissioners for all State Departments of Insurance.
For more information, please contact your Silver & Associates Service Representative @ 1-800-818-8848.
What is skip tracing?
Skip tracing (which evolved from the phrase, “tracing” for “skipped” debtors) is the process of locating contact information on debtors, as well as their assets. Unlike most traditional collection agencies, Silver & Associates is experienced at locating the research required to contact your debtors. Using our own database, including over 70,000 insurance agents , 4,500 insurance carriers and our online access to all of the Commissioners for all State Departments of Insurance, Silver & Associates is tenacious and thorough in its skip tracing and overall investigative research. With the right information at your fingertips, our collectors are then able to do their job more efficiently and effectively than any other agency.
Does Silver & Associates collect on ‘consumer’ accounts?
Silver & Associates does not collect on ‘consumer’ accounts. We are an international, full-service collection agency, specializing in the complex collection issues of the commercial insurance industry, where we currently represent 7 of the top 10 largest property and casualty insurers in the world. We also provide collection services to the business-to-business community, representing a wide range of companies, from Fortune 500 corporations, to World Championship sports teams.
What do you charge for collection?
The number one cost to your company is not collecting the debt at all! To learn more about how Silver & Associates structures its fees click here.
