Tuesday, March 24, 2020

From the P&C Files: More CV-19 News

I think we've had more P&C-related posts the past week or so than the past year combined. But it is Insureblog, so...

■ From one of our carriers (and, I'm sure, we'll see others following suit):

Policyholders are understandably concerned about their ability to pay premiums as government mandated closures continue to increase. To help, we’re suspending all property casualty cancellations due to nonpayment from March 16 to April 30 – or later if required by an individual state.

While we hope that most policyholders can stick with their current payment arrangements, if you have a standard lines commercial, personal or life policyholder asking about alternative payment arrangements our billing associates are authorized to adjust the customer’s current bill and to waive any late fees for any premium payments due between March 16 and April 30. This is not a waiver of payments during the suspension period, but an extension or grace period for those directly impacted by this pandemic. Please have them contact our billing departments"

■ We've discussed Special Event coverage before:

"World Furniture Mall "promised that if the Bears shut out the Packers in the season opener at Lambeau Field in Green Bay, Labor Day weekend shoppers would get their furniture free."

And of course there's so-called 'Hole-in-one' cover and the like, as well.

Typically, these cover unforeseen issues like weather or the like, but what about the current situation? Well, our friends at the Ohio Insurance Agents association offer this heads' up:

"Read the policy language. Every policy is different. Prepare yourself by reading the policy language and specific exclusions on the Special Event Policies that you have issued. In addition, contact your underwriters for clarification on the exclusions to ensure you have a thorough understanding and will be able to communicate it back to your clients."

Always good advice.
blog comments powered by Disqus