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COVID-19 Carrier Billing Updates

Wednesday, April 8th, 2020, 12:32 pm

COVID-19 Carrier Billing Updates:

In some cases, our carriers are offering extensions on insurance premium due dates and postponing cancellations due to nonpayment. Each carrier has a varying practice in place. Please see below for details:


AIG:

The AIG insurance companies that underwrite your insurance policy are committed to providing you with as much information as possible to assist you during the rapidly evolving situation related to COVID-19.

First and foremost, it is our sincere hope that you, your colleagues and your families are safe and healthy. We have taken precautions to protect our workforce while activating Business Continuity Plans designed to allow us to continue to serve you and other customers, policyholders and stakeholders without significant disruption.

AIG understands that policyholders may be experiencing financial hardship due to the COVID-19 pandemic and may have questions concerning the payment of premium. If you are experiencing demonstrable financial hardship due to COVID-19, you may be eligible for extended payment terms or other relief. Please reach out to your agent or broker to discuss payment plan options, extensions to current policies that are being non-renewed, and other ways to prevent a policy cancellation for nonpayment of premium. You can also contact us directly at (888) 978-5371 if you are a personal lines policyholder.

For certain New York Policyholders, click here.


Chubb:

IMPORTANT NOTICE TO NY POLICYHOLDERS RELATED TO THE COVID-19 PANDEMIC: Pursuant to Emergency Regulation 11 NYCRR 229, if you cannot make a timely premium payment as the result of financial hardship relating to the COVID-19 Pandemic, you may call the following toll-free number to request alternate payment arrangements, which may include payment of the premium due over a 12 month period. 1-800-682-4822. A complete copy of the regulation may be found at:

https://www.dfs.ny.gov/system/files/documents/2020/07/re_consolidated_amend_part_405_27a_27c_new_216_text.pdf

Frequently Asked Questions:
Question: How will Chubb handle cancellations for non-payment for their commercial clients? Has Chubb developed any position or policy regarding insureds having difficulty paying premiums due to businesses having to temporarily close. Will you allow for an extension to pay?

Response: Chubb understands that many of our policy holders have been severely impacted by the events surrounding the novel coronavirus, and we are committed to working with them to make accommodations based on their specific situations. Our number one priority is to help our clients minimize any disruption. During these uncertain times, we will be looking for ways to accommodate our insureds in alignment with guidance provided by state regulators.

For our commercial clients, Chubb will be offering a voluntary 60-day hold on cancellation and nonrenewal notices for all of its US and Canada insureds that advise they cannot pay their premiums due to events related to coronavirus except where a longer period may be required by regulatory order. For commercial insureds interested in requesting this accommodation, they can either contact Chubb directly, or work through their brokers and agents. We will continue to bill premiums but will not cancel for non-payment and no late fees will be assessed during this hold.

In all cases, we will make sure that, in compliance with all applicable regulatory guidance, we are providing accommodations to our insureds where we are required to do so.

Question: How will Chubb handle cancellations for non-payment for their personal clients? Has Chubb developed any position or policy regarding insureds having difficulty paying premiums due to unemployment. Will you allow for an extension to pay?

Response: Chubb understands that many of our policyholders have been severely impacted by the events surrounding the novel Coronavirus, and we are committed to working with them to make accommodations based on their specific situations. Our number one priority is to help our clients to minimize any disruption, where we can. During these uncertain times, we will be looking for ways to accommodate our insureds and align with guidance provided by state regulators.

For our Chubb Personal Risk Services clients, we will continue our history of working with clients when they encounter a situation which impacts their ability to pay their premium. For our US clients who cannot pay their premiums on time due to events related to Coronavirus, we will work with them. Any agent or client who would like to discuss the extension of a payment due date should contact our Customer Care Team at 866-324-8222, or customercare@chubb.com. We will review each request individually and follow up as quickly as possible.

In all cases, we will make sure that, in compliance with all applicable regulatory guidance, we are providing accommodations to our insureds where we are required to do so – this includes longer moratoriums on cancellations where specifically required.

Question: Have any of your accounting processes or workflows been altered because of responses to COVID-19?

Response: No, Chubb is fully operational during this time.


Cincinnati:

You may be understandably concerned about the 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. And, have suspended or waived late fees for the same period of time.

If you are impacted by the pandemic and need alternative payment arrangements our billing associates are authorized to adjust your 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 contact our billing departments at:

      • Personal lines billing – 513-870-2002
      • Excess and surplus policies have unique constraints and considerations. Please talk with your agent.

PURE:

Suspension of Cancellation for Non-Pay

We’ve spoken about this over the past few weeks, but our stance remains the same. We have suspended all non-pay cancellations, for PURE and for PURE Programs until further notice.

We will continue to send bills, reminders and overdue notices, but will not send ‘Notices of intent to Cancel’ , nor will we execute any actual cancellations for the time being.  While some states have mandated this practice, we are unilaterally adopting this across all states and all products for the time being.

New Payment Option

We are now temporarily accepting installment payments on credit card as another payment option and have waived the $2,500 minimum. We encourage ACH and Autopay as much as possible.


NatGen:

If an insured can demonstrate a direct impact of financial hardship as a result of COVID-19:

      • We will not cancel policies for non-payment, non-renew, or conditionally renew any home or auto insurance policies for the next 60 days.
      • We will not charge any fees for late payments.
      • We will allow late payments to be repaid over the course of 12 months.
      • We will not report any late payments to credit bureaus or collection agencies.

Moving forward, all NatGen Premier installment bill invoices will include reference to the provisions of Section 229.5 of the Emergency Regulation. We will provide our toll free phone number, 1-844-287-2237, for insureds to call if they are experiencing a financial hardship as a result of COVID-19. Our customer service representatives will be able to discuss options to assist the policyholders that comply with the Emergency Regulation. Our representatives will instruct the policyholders to email a written notice explaining their hardship to service@ngic.com. If the policyholder does not have access to email, our representatives will work with them to accept other forms of the written explanation.


If you would like more information on this please reach out to ContactUs@theprmspromise.com for clarification.


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