We are providing this notice in connection with directives by Governor Murphy and the Commissioner of Banking and Insurance to provide certain rights to policyholders during the COVID-19 pandemic. Please read the following carefully to determine if you are entitled to any of the benefits described herein.
If you are a New Jersey policyholder, you may be entitled to defer your premium payments without penalty. Pursuant to New Jersey Executive Order 123 and New Jersey Department of Banking and Insurance (“NJ DOBI”) Bulletin No. 20-15 New Jersey policyholders are entitled to a 90-day grace period (beginning either April 1, 2020 or May 1, 2020, at the policyholder’s election) from cancellation of their insurance policies for nonpayment of premium. Any such policyholder can defer payment of premium, including renewal down payments, that would have otherwise been due during the grace period and spread it out over the course of (i) the following year in up to 12 monthly installments or (ii) the remainder of your current policy term, whichever is longer. You will not be subject to any late fees and will not be reported to any credit agency during the grace period or as a result of requesting such deferment. Please note that the benefits described in this notice may be subject to revision on the basis of any further directive or guidance issued by the Governor of the State of New Jersey or NJ DOBI.
If you believe you qualify for this premium payment deferral or non-cancellation relief, please contact agent or broker to discuss potential payment options that may be available to you.