Important Announcement on the
Matter of Immediate Relief to Policyholders
Facing a Financial Hardship as a Result of the COVID-19
Dear Valued Customers,
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 include:
If you have been impacted by this pandemic, this means help
may be available.
- the waiver of late fees;
the prohibition on reporting negative data to credit
- and the repayment of late premiums over a 12-month period.
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.
- 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 pay such premium over a 12-month
- 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; 90 days for a life insurance
policy. You will 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.
The full text of the relevant regulations can be read here:
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.
Your Rex Wyon Team