We hope that this message finds you and your family safe and healthy.
These are difficult times. The New York Legislature and Department of Financial Services have been implementing emergency measures in an effort to protect insurance policyholders who have been hit with financial hardship because of the COVID-19 pandemic. Regulations they enacted include: the waiver of late fees; the prohibition on reporting negative data to credit reporting agencies; and the repayment of late premiums over a 12-month period.
If you have been impacted by this pandemic, this means help may be available.
If you can demonstrate that you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may pay such premium over a 12-month period.
If your policy is financed through a premium finance agency, they must provide a grace period before cancelling your policy for late payment of an installment if you can demonstrate financial hardship because of the COVID-19 pandemic. This grace period will be 60 days for a property/casualty policy; 90 days for a life insurance policy. You will be given a 12-month period to pay the missed installment, and the premium finance agency may not impose late fees or report you to any credit reporting agency or debt collector because of that installment.
You may prove hardship by submitting a written attestation to the insurance company or premium finance agency regarding your financial hardship resulting from the COVID-19 pandemic. The full text of the relevant regulations can be read here: https://www.biginy.org/nysdfs
If you have any questions about this or your policy, don’t hesitate to contact our team. We’re proud to continue helping you protect what matters most.
Brooks Waterburn Corp
By way of introduction, Brooks Waterburn is an insurance agency based in New York. For the past 20+ years, we have specialized in protecting Laundromats and laundromat owners. As a matter of fact, we protect over 1,000 laundromats...Read More
Here's the scenario: You are in Las Vegas for a vacation, or business. You have a personal auto policy at home. For this trip, you decide to splurge and rent a BMW convertible and do not buy the Collision Damage Waiver (CDW). These...Read More
WHY LIABILITY INSURANCE? Here at Brooks-Waterburn Corp, one of our primary goals is to develop a long-term, trusting relationship with you. We are in the midst of the winter season. With that, comes the cold. The cold will put more ice...Read More
This by far is the most frequently asked question I get from customers. Imagine this scenario; In 2017 you buy a Mercedes E Class for about $60,000. Fast forward 3 years and the car is worth about $42,000 today. It costs less to...Read More
When Super Storm Sandy that hit Long Island in October of 2012, over 150 of our clients suffered a loss on the same day. Needless to say, the effects of that storm were devastating. Nobody really came away whole. Surprisingly, while...Read More
While not the most fascinating topic for a blog, as an Independent Insurance Agent, many of our customers and prospects are confused over what insurance is for, what is covered and most important, what is excluded. In an attempt to...Read More
This is one of those sad stories. It's a story that doesn't have a happy ending, but hopefully can illustrate the point that having the right protection can literally save your life. One of our customers in the agency recently...Read More
The Smart Approach to Change in the Laundromat Industry Like most other business sectors, North America's $5 billion+ laundromat industry is facing significant change and upheaval. Critical decisions you make in the coming months...Read More
Most laundromat owners I know (I know over 1,000 of them), really don’t spend much time thinking about their laundromat business insurance. After all, the renewal is only once a year and they shopped it when they bought the...Read More
years ago, we got a new customer under some very difficult circumstances. What happened was that my future customer, (I'll call him Mr. Unlucky), owned a 65 year old building on Long Island. It was a mixed use property with a Chinese...Read More
Insurance companies like Geico have successfully convinced many consumers that the only difference between insurance companies is price, so you might as well go with the cheapest one! The commercials are real entertaining. After all...Read More
The kids are packing the car and getting ready to go away to college. Happy days of the "College Experience" awaits them! The question is are the kids protected in the event of a loss? What about liability? Is the family protected...Read More
Ever think the making of Car Insurance rates are as secretive as the Illuminati? Has this ever happened to you; your neighbor about the same age and has the same car is paying $1,500 a year less? Why does this happen? Why does it seem...Read More
In 2013, U.S. employers reported 3.7 million nonfatal occupational injuries according to the U.S. Bureau of Labor Statistics. While this number was down from the prior year, it still shows that workplace safety must be a priority for...Read More