Governor Cuomo has issued several Executive Orders that provide protection in New York for people who have been negatively affected by the coronavirus and have missed insurance premium payments.
Executive Order 202.14 requires health insurers to defer payment of missed premiums until June 1, 2020 (https://www.governor.ny.gov/
Executive Order 202.13,effective as of March 30, 2020, extends the grace period for the payment of premiums and fees in life insurance policies for 90 days. The emergency regulations also prohibit insurers from imposing any fees relating to a late premium payment from any policyholder demonstrating a financial hard as a result of the COVID-19 emergency;
provides policy holders that can demonstrate a financial hardship to the pandemic cannot be reported as delinquent with financial reporting agencies for missing payments; and,
allows for future payments of missed premium payments spread out over a 12 month period.
Moratoriums for delayed payments in other areas of the insurance industry, including motor vehicle coverage, have also been enacted due to the coronavirus.
If you have missed a premium or are about to miss a premium, all is not lost. Please keep in mind the moratorium on suspensions and terminations for missed payments enacted due to the pandemic. Consultations are always free at Giordano Law Offices Personal Injury & Employment Lawyers. Please call or text us anytime if you have a legal question or concern: (646) 217-0749. We look forward to connecting with you soon.