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, help may be available.
- If you can demonstrate that you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may pay such premium over a 12-month period.
- Since this story was first published, there has been clarification issued that premium relief does not extend to commercial E&S carriers. If you are insured by a commercial E&S carrier through BNC, contact us for assistance.
- If your policy is financed through a premium finance agency, they must provide a grace period before cancelling 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 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.
- See FAQs at https://www.dfs.ny.gov/consumers/coronavirus/pc_emergency_regulation_faqs
If you have any questions about this or your policy, don’t hesitate to contact our team. We welcome the opportunity to help.