RETURN PREMIUM INFORMATION
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. will adjust premiums and issue partial refunds of premium for New Jersey Commercial Business Automobile Insurance policies that were in effect during the period covered by the Bulletin. Any premium adjustments and partial refunds made in response to Bulletin 20-22 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 your insurance broker.
Stay healthy and stay safe.