RETURN PREMIUM INFORMATION FOR POLICYHOLDERS
We hope you, your family, and your loved ones are all staying healthy.
The California Department of Insurance recently issued Bulletin 2020-3, which directs insurance companies to review existing personal and commercial lines policies for possible premium refunds, credits and reductions in response to the novel coronavirus (COVID-19) pandemic. Where a policyholder’s activities have been curtailed severely by the pandemic, projected loss exposures may be overstated or misclassified. Therefore, insurers are directed to review policies and make premium adjustments where appropriate. Originally, the Department’s directive was limited to the months of March and April. The Department has since issued Bulletins 2020-4 and 2020-8 which extends the directive to include May and June respectively.
Hiscox Insurance Company Inc. will adjust premiums and issue partial refunds of premium for California Commercial General Liability Insurance policies that were in effect during the period covered by the Bulletin. Any premium adjustments and partial refunds made in response to the bulletin will be subject to applicable underwriting guidelines, including but not limited to, any minimum premium requirements as per our filed rates.
If your business continues to experience a substantial change in its activities due to the COVID-19 pandemic and you would like to have your policy further reviewed by Hiscox, please contact Abacus at 1-424-214-3700.
Stay healthy and stay safe.