A MESSAGE IN REGARDS TO COVID 19


We hope that 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 been hit with financial hardship because of the COVID-19 pandemic.  Regulations they enacted apply to most insurance policies and 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, pursuant to amended 11 N.Y.C.R.R. 229.5, help may be available.

  • If you can demonstrate that you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may be able to pay such premium over a 12-month period.  
     

  • If your policy is financed through a premium finance agency, they may be required to provide a grace period before canceling your policy for the 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; 90 days for a life insurance policy.  You may be given a 12-month period to pay the missed installment, and the premium finance agency may not impose late fees or report you to any credit reporting agency or debt collector because of that 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.

Other states may be implementing similar procedures and we will be constantly monitoring as more information is released.
 
Please also review other Covid-19 resources below. We will continue to update you as we learn more.
 
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.
 
Stay safe,
Derek Oberman and Staff

 

Covid-19 Resources


P&C Insurance Industry Backs New Government Fund to Help Businesses, Workers Hurt by Coronavirus Shutdowns

The Property/Casualty insurance industry has joined a broad business coalition in supporting the COVID-19 Business and Employee Continuity and Recovery Fund, aimed to help businesses retain and rehire employees, maintain worker benefits and help cover operating expenses such as rent. See here.
 

Families First Coronavirus Response Act: What Employers Should Know

The Administration signed into law the Families First Coronavirus Response Act (FFCRA), making significant changes to paid sick and FMLA leave for businesses and employees. This new law went into effect on April 1, 2020, and it will remain in effect until December 31, 2020. See here.
 

Coronavirus: The Economic Impact and the Board's Role

Amid the coronavirus crisis, directors and officers need to play an active role in engaging with management to keep employees safe and healthy while also continuing to be mindful of their fiduciary duties. See here.
 

Chamber Releases Two New Step-by-Step Guides for COVID Employer Tax Credit, Disaster Loans

The Chamber of Commerce released new guides for businesses of all sizes to secure relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. See here and here.
 


EEOC Issues ADA and Title VII Guidance for Employers on COVID-19

The EEOC updated its previously published guidance entitled “Pandemic Preparedness in the Workplace and the Americans With Disabilities Act” to provide information and examples regarding the coronavirus. The agency also recently held a webinar answering questions about the applicability of the Americans With Disabilities Act (ADA) and Title VII to COVID-19-related employment actions. See here.
 


Rent’s Due. Now What?

As the unemployment rate goes up and increasing more employees are laid off or furloughed, the apartment industry is proactively looking for ways to support its residents. See here.
 


New Coronavirus Bill Would Require Insurers to Cover NYC Restaurants Forced to Shutter

Following the lead of New Jersey, Ohio, Massachusetts and New York has introduced legislation requiring insurers to reimburse businesses suffering from closures or loss of revenue related to the coronavirus outbreak. See here.
 


The Cybersecurity Implications of Working Remotely

In the wake of the coronavirus pandemic, the workforce has adopted remote work. Businesses should be reviewing and updating their cybersecurity practices and policies to reflect the additional exposures that come with remote work. See here.
 

© 2018 by The Oberman Companies

777 Westchester Ave, Suite 206

White Plains, NY 10604