We realize this is a difficult time for you and your business, but we want you to know that we are here to help in any way possible. We are closely monitoring the situation and will keep you up to date with information we believe can help you through the next few weeks. 

 

Regarding Premium Payments:
    
    Many of the insurance carriers we represent are working tirelessly to accommodate the financial situation of their customers. In doing so, some carriers are offering deferred payment plans and postponing cancellation of policies due to non-payment. 
    
    If you are able, we recommend that you continue to pay your premiums as scheduled to avoid larger bills in the future, as it is unclear how the carriers will collect outstanding balances after the delay. However if you choose to delay premium payment, we urge you to contact your insurance carrier directly in order to see what options are available to you. This will also provide you and your carrier with a record of your communication.

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    You can find a list of carrier contact numbers on the Oxford Millin website here.

 

Regarding Workers’ Compensation Insurance:

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    Similarly, many insurance carriers have instituted Pay-As-You-Go options for their Workers’ Compensation customers. This means that you may qualify for lower insurance payments if your team has been affected by the Coronavirus situation. If you have a Workers’ Compensation Insurance policy through Oxford Millin, please contact one of our representatives to see if you qualify for a pay-as-you-go schedule. 

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Regarding Business Income Insurance:

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    We are in uncharted territory, and it is uncertain whether coverage will or will not exist for claims arising out of COVID-19. If your business has been impacted by the current stay-at-home orders in your state, we recommend that you submit a claim directly to your insurance carrier for a formal coverage determination.

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Some things to consider when you are making the decision to file a claim or not...

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   If you file a claim:

        - The wording in your policy might entitle you to financial aid due to the current pandemic. However, there is no guarantee that you will receive any compensation.

        - If the Federal Government gets involved, they may go through your insurance carrier to determine the distribution of funds. If you have a claim on file with your insurance carrier, this might mean that you will benefit if there is federal intervention.

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    If you do not file a claim:

        - You may not receive any financial aid even if the wording in your policy entitles you to relief.

        - If the Federal Government gets involved, and they decide to go through the insurance carriers for distribution of funds, you might experience a delay in receiving federal aid (if applicable).

 

From our team to yours, we hope you are staying safe and healthy.

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Sincerely, 

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Jim Hughes

President, Oxford Millin Insurance