California Broker Wildfire Guidance
The state of California issued a notice on August 26, 2020 directing all property and casualty insurance companies doing business in California to support wildfire survivors in order to facilitate the state’s recovery and rebuilding process. The directive requires all insurance carriers to provide policyholders affected by the wildfires a 60-day grace period to pay premiums.
In response to this mandate, Hiscox will provide a payment grace period for payments due between August 1 and August 26 for all California policyholders, expiring on October 26, 2020.
Brokers with California policyholders should:
- Review the notice with your legal counsel;
- Communicate to your CA policyholders per your interpretation of these regulatory initiatives;
- Where a qualifying Hiscox CA 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 California regulatory initiatives for premium extensions,
please call us at: 1-855-975-6268