New York State Insurance Fund (NYSIF) will be resuming routine billing and cancellation procedures with your September bill. NYSIF’s COVID-19 Financial Relief Program provided policyholders assistance amid historically difficult business conditions. They went well beyond the industry standard of 60 days suppression of cancellations. Their relief program included the following:
- Suppressing policy cancellations from mid-March through August
- Adjusting premium and payments schedules to reflect current business descriptions
- Waiving all interest charges, installments fees and late fees for this period
As businesses recover amid phased-in reopening of the NY economy, the temporary suspension of policy cancellation due to COVID-19 will end on August 31, 2020. If you have been making your normal payments, this will not affect you and you should continue to do so. On the September statement any unpaid amount due from your last statement, as well as any remaining audit balance, will appear on the back of your statement as “Deferred Premium.” This Deferred Premium will be payable in equal monthly installments over a 12-month period. Any other premium that does not qualify for this special arrangement will be payable according to the policy billing and endorsement.
If you have not already done so, it is extremely important that you contact your Keevily representative to let us know whether you experienced any changes in payroll between mid-March and September, so that we can have the NYSIF adjust your premium accordingly.
We hope the NYSIF’s relief program made a difference during this difficult time. If you continue to experience ongoing financial difficulties, please reach out to us and we will work together with the NYSIF on a plan to help you avoid cancellation and any lapse in coverage as your business continues to recovers. Please find our contact information by clicking here Contact List.