We want to thank you for your patience throughout these trying times.
In response to the disruption caused by the Coronavirus (“COVID-19”) pandemic, the State of New Jersey Department of Banking and Insurance 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. Policyholders may elect this 90-day 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, Atradius will not cancel any insurance policy for nonpayment.
Atradius will:
- 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; 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 us with notice 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 our intention to grant you an extended grace period for the payment of premium due without penalty or interest.
Please contact our account teams with any questions.