RETURN PREMIUM INFORMATION FOR POLICYHOLDERS
We hope you, your family, and your loved ones are all staying healthy during these unprecedented times.
The New Jersey Department of Banking & Insurance recently issued Bulletin 20-22, which directs licensed or admitted 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 to review policies and make premium adjustments where appropriate. The Department’s directive is limited to policies in effect during the months of March, April, May and June 2020.
Hiscox Insurance Company Inc. has adjusted premiums and has processed refunds for eligible New Jersey Commercial General Liability Insurance policies in force during the period covered by the Bulletin. Refunds have been remitted via email to eligible policyholders via Chase Payments ([email protected]). You will need the last four-digits of your phone number on file with Hiscox to use as your verification code to receive payment.
Refunds made in response to Bulletin 20-22 are 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 substantial change in its activities due to the COVID-19 pandemic and you would like your policy to be further reviewed by Hiscox, please call 1-855-870-9318.
Stay healthy and stay safe.