Fla. Insurers Urged to Be ‘Flexible’ on Payments
TALLAHASSEE, Fla. – Florida regulators issued a series of guidelines for insurance companies on Wednesday as COVID-19 disrupts jobs and stresses social distancing.
In part, the Office of Insurance Regulation called on insurers to “only consider cancellation of policies if all possible efforts to work with consumers to continue coverage have been exhausted.”
It said insurers should be “flexible with premium payments to avoid a lapse in coverage,” suggesting steps such as relaxing due dates, waiving late fees and penalties and allowing payment plans.
In an informational memorandum sent to insurers, Florida regulators also addressed other issues, such as people’s efforts to avoid spreading the highly contagious virus.
“Given the guidance issued by the state of Florida regarding social distancing, consumers may not be able or willing to receive in-person inspections of insured property for the purposes of binding or issuing new or renewal insurance policies, wind mitigation inspections or adjusting a claim and employers may not be able or willing to receive in-person auditors for audits of its business records,” the memorandum said. “Therefore, regulated entities, agents, consumers and employers are strongly encouraged to explore virtual options for underwriting and adjusting claims in lieu of in-person property inspections and for premium audits of employers’ records.”
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