Washington State Insurance Commissioner Orders Insurance Premium Grace Period
By Annie Jaconetti | Published March 30, 2020
The COVID-19 public health emergency has created hardships on many businesses and has impacted their ability to make timely insurance premium payments. ABD recognizes the importance of keeping your insurance program in place. We want to share a welcome development on March 25, 2020 from Mike Kreidler, Washington State Insurance Commissioner. Between March 25, 2020 and May 9, 2020, he has ordered property and casualty insurance companies to provide grace periods for nonpayment of premium and requires them to waive otherwise applicable charges and fees associated with nonpayment of premium, such as late fees and reinstatement fees. In addition, between March 25, 2020 and May 9, 2020, he ordered that no property and casualty insurer shall cancel a policy issued for nonpayment of premium, unless specifically directed to do so by the insured. The Washington State Office of the Insurance Commissioner Press Release along with the Commissioner’s notice can be found via this link. “Many Washington state citizens are unemployed and many businesses have suspended operations as a result of the coronavirus pandemic and state of emergency, and it’s imperative for them to keep their insurance coverage to protect them from further economic harm,” said Kreidler. The various insurance companies have developed or in the process of developing their response to the Commissioner’s requests for those policyholders impacted by COVID-19. As additional information is made available, your ABD Team Member can assist you with questions specific to your insurance policy and payment of premium.
ABD is requesting that our clients remit premium via electronic payments (ACH or Wire). This ensures timely receipt of payment and eliminates the need for in-person payment methods to protect the health and safety of customers and staff. Our banking information can be found on ABD Invoices. For more information specific to alternative methods of payment, please contact Linda Wang at 650-488-3292 or Linda.Wang@theabdteam.com or AP.AR@theabdteam.com.
ABD is committed to working closely with our insurance company partners to seek the most beneficial solutions that provide relief during these unparalleled times.
As Vice President of Marketing and Carrier Relations at Newfront, Annie brings 16 years of insurance brokerage experience to the team. She leads all aspects of carrier relationships and makes strategic decisions on partnerships and their impact to clients across Newfront’s footprint.