During these uncertain times, SFM will be looking for ways to accommodate our policyholders in accordance with guidance provided by state regulators.
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SFM will be offering a voluntary 90-day hold on cancellation and nonrenewal notices for all of its US insureds that advise they cannot pay their premiums due to events related to coronavirus except where a longer period may be required by regulatory order. For policyholders interested in requesting this accommodation, they can either contact SFM (201-229-6021 or terri.koo@samsung.com) directly, or work through their brokers and agents. We will continue to bill premiums but will not cancel for non-payment and no late fees will be assessed during this hold. The hold will commence on April 1, 2020.
In all cases, we will make sure that, in compliance with all applicable regulatory guidance, we are providing accommodations to our insureds where we are required to do so.
SFM believes insurance companies, agents and brokers are needed more than ever, and we remain available to provide the same level of service and care our policyholders and partners have come to expect.
Dear Partner:
We want you to know about flexibility that SFM has put in place to better serve you and our mutual clients, in compliance with New Jersey State requirements. Please find the official statement below:
"In response to the disruption caused by COVID-19, the Department is directing all licensed property and casualty insurance carriers to provide their insureds who may be experiencing a financial hardship due to COVID-19 with at least a 90-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium during this challenging time due to circumstances beyond the control of the insured. A policyholder may elect this 90day emergency grace period to begin retroactively on April 1, 2020 or opt for the grace period to begin on May 1, 2020. During this extended grace period, insurers shall not cancel any insurance policy for nonpayment.
Insurers are also directed to:
- Waive late payment fees otherwise due, and not report late payments to credit rating agencies, during the 90-day period;
- Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments, whichever is longer, except that an insurer may permit a longer repayment period; and
- Ensure that late payments during the 90-day period are not considered in any future premium calculations at any time (i.e. applicable late payments should not be counted for any rating, pricing, tiering attributes, etc.).
This grace period is intended to be applied to all installment payments, including renewal down payments, provided that the insured provides notice to the insurer that the insured wishes to continue coverage. It is not intended to change the terms of the issued policy or be considered a forgiveness of the premium. Rather, it is intended that the insurer grant the policyholder an extended grace period for the payment of premium due without penalty or interest."