UPDATE: NJ Insurers to Provide Premium Relief
On May 14th, we informed you of the NJ Insurance Commissioner’s order to NJ Property & Casualty insurance companies to provide premium relief to NJ policy holders that were negatively impacted by the COVID-19 pandemic. Insurers had until June 15th to notify policy holders how they would be providing this premium relief.
The majority of commercial insurance carriers have opted to comply with this order by continuing to accommodate your mid-term requests to reduce or amend the exposures (e.g. payroll, sales, attendance, etc.) on your insurance policies, as appropriate, if such changes will provide premium savings for you. If your insurance policy is auditable, these changes in your exposures will be captured automatically after the end of the policy period at the time of the audit.
If you would like to request exposure changes on your Property & Casualty insurance policies, Borden Perlman clients can contact their BP representative. You may also call the insurance carrier directly for assistance.