IAT Insurance Group (IAT) working in conjunction with the New York Department of Financial Services will temporarily refrain from taking the following actions with regard to your policy, during the effective period under Executive Order 202.13:
(a) impose any late fees relating to late premium payment;
(b) report you to a credit reporting agency or refer the policyholder to a debt collection agency with respect to failure to make a required premium payment;
(c) process requests to cancel your policy from Premium Finance companies.
In addition, if you provide a written attestation to IAT or your producer that includes details demonstrating your financial hardship*, we shall:
- extend the due date for installment/premium payments by 60 days; and
- permit you to pay such premium over a 12-month period.
- Beginning March 30, 2020 for the period under Executive Order 202.13, IAT will also place a moratorium on any policy cancellations, refusals to renew or renewals conditioned upon changes in terms, conditions and coverages (Conditional Renewals), for a period of 60 days unless extended by the New York State.
Nothing shall prohibit you from voluntarily canceling your insurance policy should you wish.
*How to Demonstrate Financial Hardship - If you, as an affected policyholder, are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to your insurer or premium finance agency, as applicable, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which the insurer or premium finance agency, as applicable, shall accept as satisfactory proof. Such statement is not required to be notarized.
This notice applies to you as a “policyholder”, meaning an individual or small business to whom IAT issued a property/casualty insurance policy and who can demonstrate financial hardship as a result of the COVID-19 pandemic. IAT wishes to inform you of our modified practices with regard to untimely payment of premium and late fees, as well as policy cancellation, renewal and renewal conditioned upon changes.
A business qualifies as a “small business” if it is resident in New York State, is independently owned and operated, and employs 100 or fewer individuals. If you are a small business and an affected policyholder, please contact your insurer or broker if you are uncertain whether your policy is covered. Your agency or broker is there to help you during this difficult time so please reach out to them with any questions.
We appreciate your trust in IAT Insurance Group and wish you the best during this difficult time.