SPECIAL COVID-19 NOTICE TO POLICYHOLDERS


​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.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal

There is a moratorium on your insurer canceling, non-renewing, or conditionally renewing your property/casualty insurance policy for a period of 60 days. If you do not make 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 to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship from the COVID-19 pandemic.

Policies Financed by Premium Finance Agencies – Grace Period

If your insurance policy has been financed through a premium finance company, and you, as an affected policyholder, do not make an installment payment, the premium finance company may not cancel your policy for a period of at least 60 days, including any contractual grace period. In addition, if you do not make a timely installment payment, the premium finance company 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. You will also have up to a period of 12-months to make those payments if you can demonstrate financial hardship as a result of the COVID-19 pandemic.

​How to Demonstrate Financial Hardship

To demonstrate financial hardship due to COVID-19, you may submit to your insurer or premium finance company, 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 company shall accept as satisfactory proof. Such a statement is not required to be notarized. 

All of the above still applies if the premium finance or Insurance Company issued a non-payment cancellation notice prior to March 29, 2020.

If you are an individual, generally, personal lines property/casualty insurance policies are covered by these amendments, including auto, homeowners’ and renters’ insurance. Please contact your insurer or broker.

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.
(212) 568-5700
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New York, NY 10034
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This is a special notice for our Personal and Commercial Insureds.


​If you have experienced financial hardship due to the COVID-19 pandemic and you are not able to pay your premium at this time, please call your insurance company or call our office (212)-568-5700 to help you with your policy. Your insurance company has special provisions in place. Cancelation has temporarily been suspended so please call to get additional information regarding the payments.