We hope that this message finds you and your family safe and healthy. We have entered into difficult times and our goal at the Hedley Brook Agency is to take care of our clients to the best of our ability. The rules are changing daily and we will continue to stay on top of those changes involving the insurance industry.
The NYS Legislature and the 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 involving premium payment 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 are having financial hardship as a result of COVID-19 issues and are unable to pay premiums that are due at this time, your insurance carrier can assist you by suspending cancellation for nonpayment and allow you to pay the premium either across the remaining installments or over a 12 month period. This applies to individuals as well as small businesses (under 100 employees).
The law states that “you may submit to your insurance 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 event, which the insurer shall accept as satisfactory proof”. This can be done in a quick email from you outlining your inability to pay your premium at this time. In non-legal terms, if you are experiencing a hardship and are unable to pay your bill, give us or your insurance company a call and they will work with you to explore alternative payment options.
If you have any questions about this or anything else involving your insurance program, please do not hesitate to contact any member of our team. We stand ready to assist you and look forward to life getting back to normal as soon as possible!
Thank you for your continued business and friendship. Please Stay Safe. Stay Healthy. Stay Positive.
Cordially,
J Scott Brook, CIC, Pres
PS: Would you please take a moment at this time to send us your current email address to althea@hedleybrook.com. This will allow for quicker communication in the future. Thanks again!
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