We hope that this message finds you and your family safe and healthy.
These are difficult times. The New York Legislature and Department of Financial Services have been implementing emergency measures in an effort to protect insurance policyholders who have been hit with financial hardship because of the COVID-19 pandemic. Regulations they enacted include: the waiver of late fees; the prohibition on reporting negative data to credit reporting agencies; and the repayment of late premiums over a 12-month period.
If you have been impacted by this pandemic, this means help may be available.
- If you can demonstrate that you are unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may be able to pay such premium over a 12-month period.
- If your policy is financed through a premium finance company, they must provide a grace period before canceling your policy for late payment of an installment if you can demonstrate financial hardship because of the COVID-19 pandemic. This grace period will be 60 days for a property/casualty policy and 90 days for a life insurance policy. You will be given a 12-month period to pay the missed installment and the premium finance agency may not impose late fees or report you to any credit reporting agency or debt collector because of that installment.
You may prove hardship by submitting a written attestation to the insurance company or premium finance agency regarding your financial hardship resulting from the COVID-19 pandemic. The full text of the relevant regulations can be read here.
If you have any questions about this or your policy, please do not hesitate to contact our team. If you receive a bill from the insurance company or our agency, and cannot make payment due to COVID-19 hardship, please call the number for the insurance carrier or our agency located on your invoice for assistance. We will be happy to assist you in this matter.
We pray and hope that you stay safe and healthy and that we all get through this Pandemic threat swiftly and with minimal negative impact.
Ten Eyck Group