Oregon Broker COVID-19 Guidance
The state of Oregon issued the second executive extension of Executive Order 20-03 directing all insurers transacting property and casualty insurance in Oregon, extending and modifying the relief that insurers are to provide to Oregon insureds. Subsequently, the state of Emergency was extended via Executive Order 20-30. The directive requires all insurance carriers to provide a 60-day grace period to pay premiums for policyholders experiencing financial hardship and suspend involuntary cancellations and non-renewals for active policies that are in grace periods.
In response to this mandate, Hiscox will provide a grace period to expire on October 31, 2020 for all policyholders. Hiscox will not process any cancellations for non-payment for the duration of the Executive Order.
Brokers with Oregon policyholders should:
- Review Order 20-30 with your legal counsel;
- Communicate to your OR policyholders per your interpretation of these regulatory initiatives;
- Where a qualifying Hiscox OR policyholder requests a payment period extension, then as the party that manages collections from that policyholder, make the required arrangements to collect delinquent payments per the regulatory requirements over a twelve-month period; and
- Alert Hiscox of your extension arrangement with the policyholder via the link below. This will allow us to follow up with your appropriate contact to coordinate our collections expectations in tandem with those you have arranged with the policyholder.
Need Additional Help?
If you have any additional questions related to the recent Oregon regulatory initiatives for premium extensions,
please call us at: 1-855-975-6268