To our Clients,
We hope 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 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 you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may be able to re-pay such premiums over a 12-month period.
- 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 will be given a 12-month period to re-pay the missed installment, and the premium-finance agency may not impose late fees or report it to any credit-reporting agency or debt collector because of the 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: https://www.biginy.org/nysdfs.
If you have any questions about this or your policy, don’t hesitate to contact our team. We’re proud to continue helping you protect what matters most.
Wolf Agency Inc