Insurance Premium Payments While Under COVID‐19 Financial Stress

2020-04-08
By: Denise Koslowsky

Dear Valued Advocate Customer,

We hope that this finds you, your family, your staff and friends safe and healthy during these difficult times.

If you are experiencing financial hardship as a result of the COVID‐19 pandemic and are unable to pay your insurance premiums, help may be available. This also applies if you are a small business that is: resident in NYS, independently owned and operated, and employs 100 or fewer individuals.

The New York Legislature and Department of Financial Services have been implementing emergency measures in an effort to protect insurance policyholders and a recent Executive Order issued by Gov. Andrew M. Cuomo set forth details that insurers must abide by in implementing premium relief for policyholders financially impacted by COVID‐19 pandemic.

If you can demonstrate that you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic the available assistance includes:

• Waiver of late fees.
• Prohibition on negative reporting to credit agencies.
• Suspension of cancellation for nonpayment.
• Repayment of premiums over a 12-month period.
• If your premiums are financed you will be given 60 days for a property/casualty policy to make your payment before cancellation on the policy is requested by the finance company.

In order to take advantage of these premium reliefs, the insurer or finance company will need a written statement that you are having financial hardship as a result of the COVID‐19 pandemic.

Our goal is to be an important part of your advisory team, always available to answer any questions you may have. Please, never hesitate to reach out to us with concerns whether related to this global pandemic or regarding any other matter. The entire Advocate Brokerage Team is here for you. Keep yourself and your family safe and healthy.

Best regards,

Glenn Binday

Principal