COVID-19 Updates
COVID-19
Insurance Regulations
A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations issued by the New York State Department of Financial Services, extend grace periods and give you other rights under certain 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. These grace periods and rights are currently in effect but are temporary, though they may be extended further.
If You Are An
Individual
If you are an individual, generally, 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 us or your carrier directly if you are uncertain whether your policy is covered.
View Executive Order & Regulations
If You Are A
Small Business
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. If you are a small business and an affected policyholder, please contact us or your carrier directly if you are uncertain whether your policy is covered.
Moratorium On
Cancellation, Non-Renewal, and Conditional Renewal
Catching Up On
Overdue Insurance Payments
Policies Financed By
Premium Finance Agencies – Grace Period
Catching Up On
Overdue Payments to Premium Finance Agencies
How To
Demonstrate Financial Hardship
Moratorium On
Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, 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 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
Catching Up On
Overdue Payments to Premium Finance Agencies
How To Demonstrate
Financial Hardship
If you are an affected policyholder, 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 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.
Questions?
If you have any questions regarding your rights under the Executive Order or regulations, please contact us or your carrier directly.