Due to the unprecedented and extraordinary impact of the COVID-19 emergency, the Colorado Department of Public Health and Environment has issued multiple Public Health Orders (collectively “Orders”) which have limited normal business activities.
The Colorado Division of Insurance has issued a Bulletin No. B-5.38 (“Bulletin”) that directs all insurance companies issuing coverage to commercial policyholders to make reasonable accommodations to prevent businesses from losing coverage due to cancellation for the non-payment of premium during this unprecedented time.
Reasonable accommodations include, but not be limited to
Such accommodations are available to the policyholder as long as the Orders are in effect or until the Bulletin is rescinded, whichever is later.
Please check the Colorado Department of Regulatory Agencies’ website at https://www.colorado.gov/pacific/dora/covid-19-and-insurance for updates and copies of the Orders and Bulletins.
The State of New Jersey Department of Banking and Insurance has issued Bulletin No. 20-15 (“Bulletin”) that requires insurance companies to extend grace periods and give policyholders additional rights under property/casualty insurance policies.
This grace period is intended to be applied to all installment payments, including renewal down payments, provided that you provide notice to your insurer that you wish to continue coverage. It is not intended to change the terms of the issued policy or be considered a forgiveness of the premium.
These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website at https://www.state.nj.us/dobi/covid/ for updates and a copy of the Bulletin.
The New York State Department of Financial Services has issued Executive Order No. 202.13 (“Emergency Order”) to extend grace periods and give small business policyholders additional rights under property/casualty insurance policies if they can demonstrate financial hardship as a result of COVID-19 (“Affected Policyholder”).
A business qualifies as a “small business”, if it is a resident in New York State, is independently owned and operated, and employs 100 or fewer individuals.
A small business can demonstrate financial hardship in a statement swearing or affirming in writing under penalty of perjury that it is experiencing financial hardship as a result of the COVID-19. Such statement is not required to be notarized.
These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website at https://www.dfs.ny.gov/consumers/coronavirus for updates.
The Governor of the State of Oklahoma has issued a Declaration of Emergency in Executive Order 2020-07 issued March 15, 2020.
The Department of Insurance has issued Bulletin PC 2020-01 (“Bulletin”) directing all property and casualty carriers providing coverage to Oklahoma residents to take the following immediate measures related to the potential impact of COVID-19.
These provisions are in effect until the Declaration of Emergency is no longer in place.
Please check the Oklahoma Insurance Department’s website at https://www.oid.ok.gov/covid-19/ for updates and copies of the Executive Orders and Bulletins.