To All Our Valued Customers,
During these incredibly difficult times that we are all forced to deal with, we realize that many of us are experiencing some type of financial hardship as a result of the COVID-19 pandemic and may be having difficulty paying insurance premiums that are due. If this is the case, your admitted insurance company can assist you by suspending cancellation for nonpayment and allowing you to pay the premium over a 12-month period. If your premiums are financed, you will be given 60 days (90 days for life insurance) to make your payment before cancellation of the policy is requested by the finance company. In cases where your policy is written with a commercial lines excess and surplus lines insurer who is exempt from DFS mandate, we can approach the insurer on a case by case basis to see if they can offer ways to work with you (some are readily willing to) in addition to relying on the finance company for the 60 days to make your payment.
This also applies if you are a small business—any business that is resident in this state, is independently owned and operated, and employs 100 or fewer individuals.
In order to take advantage of these extensions, the insurer or finance company will need from you a written statement that you are having financial hardship as a result of the COVID-19 pandemic.
A recent Executive Order issued by Gov. Andrew M. Cuomo set forth the details that insurers must abide by in implementing the premium relief that has been mandated for policyholders financially impacted by COVID-19 pandemic.
If you have any questions about this premium payment assistance, or need help with the process, please do not hesitate to contact our agency at 631-273-4242