You are our top priority, and we're committed to making sure that you have the protection and support you need. As always, Our Mission is You.®
We want to reassure you that Armed Forces Insurance (AFI) will continue our long history of supporting our members during challenging times. We are here to help.
AFI has proactively implemented several forms of assistance to provide relief to our New York policyholders who may be experiencing financial difficulties due to COVID-19.
A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under certain property/casualty insurance policies if you are an individual and can demonstrate financial hardship as a result of the novel coronavirus (“COVID 19”) pandemic (“affected policyholder”). These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website at https://www.dfs.ny.gov/consumers/coronavirus for updates.
If you are an individual, generally, personal lines property/casualty insurance policies are covered by these amendments, including auto, homeowners’ and renters’ insurance. If you are an individual and an affected policyholder, please contact your insurer if you are uncertain whether your policy is covered.
A copy of the Executive Order and regulations can be found at https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency and https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf, respectively.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, there is a moratorium on your insurer cancelling, non-renewing, or conditionally renewing your property/casualty insurance policy for a period of 60 days. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, your insurer may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.
Catching up on Overdue Insurance Payments
The regulations also require your insurer to permit you, as an affected policyholder, to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic and can still demonstrate financial hardship as a result of the COVID-19 pandemic. This also applies if the insurer sent you a nonpayment cancellation notice prior to March 29, 2020.
How to Demonstrate Financial Hardship
If you, as an affected policyholder, are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to your insurer or premium finance agency, as applicable, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which the insurer or premium finance agency, as applicable, shall accept as satisfactory proof. Such statement is not required to be notarized.
Questions
If you have any questions regarding your rights under the Executive Order or regulations, please contact us at 800-524-9325, or email us at Billing@afi.org, to discuss your situation. We have representatives available Monday-Friday from 7:30am to 6:30pm CT.
This is an experience that none of us have been through before. As the situation continues to evolve with COVID-19, one thing we know for sure is that we're all in this together and we'll continue to be a source of stability and service for you.
We hope you and your family stay safe and we thank you for your continued trust in AFI.