COVID-19 financial stress
Corona Virus Distress Notice of Premium Payment Extensions and Grace Periods
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 individual life insurance policies, 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.
If you are an individual, generally, individual life insurance, 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 your insurer or broker if you are uncertain whether your policy is covered.
If you are a small business, commercial lines property/casualty insurance policies are covered by these amendments, and include property, fire, commercial general liability, special multi-peril, 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 your insurer or broker if you are uncertain whether your policy is covered.
- A copy of the Executive Order and regulations can be found at https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency and https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf, respectively.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, there is a moratorium on your insurer 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, your insurer 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 your insurer 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 the insurer 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 your insurer or 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 the insurer or premium finance agency, as applicable, shall accept as satisfactory proof. Such statement is not required to be notarized.
If you have any questions regarding your rights under the Executive Order or regulations, please contact your customer service representative or call 585-473-8000
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Paris-Kirwan Associates, Inc.
We’re an independently owned and operated agency that delivers insurance products of all kinds, including specialty products, and also strategic problem-solving and account management services. We take a unique approach that provides a direct line of continuous communication between clients and brokers, and this approach ensures that we meet every client’s insurance, bonding, and strategic planning needs.
We’re local with more than 750 years of collective experience and our agency has provided custom-tailored, effective, and cost-efficient solutions since 1926.
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We have access to many markets and there’s nothing that we can’t write. In addition to homeowners, auto, and life insurance, as well as business, employee, and professional liability insurance, we offer niche-area insurance. Aviation and medical malpractice insurance are among the niche-area offerings that we have, and each of these and other offerings can be tailored to anyone.
We offer advanced account management services for clients who want comprehensive insurance experiences. We take a team approach to delivering these services, and part of this approach is that our agents act as team leaders who ensure that all insurance and bonding needs are met. A group of marketing-underwriting specialists that provides property, casualty, and marine-line insurance products and services supports team leaders. This group also provides bond products. Every team leader is also supported by an account assistant who helps make the processes of serving clients efficient and seamless. If you’re interested in account management services, contact an agent.
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We’re friendly, reliable, and proactive problem solvers. We provide on-site assessments for any business that needs them, and we provide 24-hour claims and safety services. If we miss your call and you’re interested in a quote, we’ll turn the quote around in less than 24 hours. We follow a clear timeline for every policy that we write, and this helps us ensure that the policy is effective and that a client pays only what he or she must for it.
We have in-house specialists for every product that we offer and all of our agents are dedicated to giving clients the best experiences possible. If necessary, we intervene in claims and then work with insurance companies so that clients get what they deserve.
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