If you would like to discuss billing or make alternative payment arrangements or
if you have any questions about the below, please contact us at 800-745-7189.
A recent Executive Order issued by Governor Cuomo, together with recent
amendments to the insurance and banking regulations (the “regulations”) issued
by the New York State Department of Financial Services (“Department”), extend
grace periods and give you other rights under certain property/casualty
insurance policies if you are an individual or small business and can
demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”)
pandemic (“affected policyholder”). These grace periods and rights are currently
in effect but are temporary, though they may be extended further. Please check
the Department’s website at https://www.dfs.ny.gov/consumers/coronavirus for
updates.
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If you are an individual, generally, personal lines property/casualty insurance
policies are covered by these amendments, including auto, homeowners’ and
renters’ insurance. If you are an individual and an affected policyholder,
please contact us if you are uncertain whether your policy is covered.
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If you are a small business, only certain types of commercial lines
property/casualty insurance policies are covered by these amendments, generally
including property, fire, commercial general liability, special multiperil,
medical malpractice, workers’ compensation, commercial auto (including livery
and other for-hire vehicles), and commercial umbrella insurance. A business
qualifies as a “small business” if it is resident in New York State, is
independently owned and operated, and employs 100 or fewer individuals. If you
are a small business and an affected policyholder, please contact us if you are
uncertain whether your policy is covered.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, there is a moratorium on us cancelling,
non-renewing, or conditionally renewing your property/casualty insurance policy
for a period of 60 days. If you do not make a timely premium payment and
can demonstrate financial hardship as a result of the COVID-19 pandemic, we may
not impose any late fees relating to the premium payment or report you to a
credit reporting agency or a debt collection agency regarding such premium
payment.
Catching up on Overdue Insurance Payments
The regulations also require us to permit you, as an affected policyholder, to
pay the overdue premium over a 12-month period if you did not make a timely
premium payment due to financial hardship as a result of the COVID-19 pandemic
and can still demonstrate financial hardship as a result of the COVID-19
pandemic. This also applies if we sent you a nonpayment cancellation
notice prior to March 29, 2020.
Policies Financed by Premium Finance Agencies – Grace Period
If your insurance policy has been financed through a premium finance agency, and
you, as an affected policyholder, do not make an installment payment, the
premium finance agency may not cancel your policy for a period of at least 60
days, including any contractual grace period, and subject to the safety and
soundness of the premium finance agency. In addition, if you do not make a
timely installment payment to the premium finance agency, the premium finance
agency must extend the due date for the installment payment by at least 60 days,
may not impose any late fees relating to that installment payment, and may not
report you to a credit reporting agency or a debt collection agency regarding
that installment payment.
Catching up on Overdue Payments to Premium Finance Agencies
If you, as an affected policyholder, do not make a timely installment payment to
the premium finance agency due to financial hardship as a result of the COVID-19
pandemic, the premium finance agency must permit you to pay the installment
payment over a 12-month period if you can still demonstrate financial hardship
as a result of the COVID-19 pandemic, subject to the safety and soundness of the
premium finance agency. This also applies if the premium finance agency
issued a non-payment cancellation notice prior to March 29, 2020.
How to Demonstrate Financial Hardship
If you, as an affected policyholder, are unable to make a timely premium payment
due to financial hardship as a result of the COVID-19 pandemic, you may submit
to us or your premium finance agency, as applicable, a statement that you swear
or affirm in writing under penalty of perjury that you are experiencing
financial hardship as a result of the COVID-19 pandemic, which we or your
premium finance agency, as applicable, must accept as satisfactory proof.
Such statement need not be notarized.
Questions
If you have any questions regarding your rights under the Executive Order or
regulations, please contact us or your premium finance agency.