Are you or your small business suffering a financial hardship as a result of the COVID-19 pandemic and unable to pay personal insurance, life insurance or small business insurance premiums that are due? Your 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 to make your payment before cancellation of the policy is requested by the finance company.
Personal insurance and life insurance policies are subject to this mandatory accommodation. This also applies if you are a small business—any business that is resident in the state of New York, is independently owned and operated, and employs 100 or fewer individuals. Small business coverages subject to this accommodation include property, fire, commercial general liability, special multiperil, medical malpractice, workers’ compensation, commercial automobile (including livery and other for-hire vehicles), and commercial umbrella insurance.
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 Governor 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. You are welcome to check The New York Department of Financial Services’ website at https://www.dfs.ny.gov/consumers/coronavirus for updates.