AS COVID-19 continues to have a major impact on the Canadian economy and individual households, many insurers recognize some people are stressed financially and they are putting measures in place. This is a live blog of how Canadian insurers are helping their clients ease this financial stress. If you are an MIG client and concerned about your upcoming payments – reach out to us.
Declaration of Emergency Endorsement is in effect. This means that there will be no cancellation of policies for SGI CANADA personal lines or commercial property policyholders, if their policy expires during the Emergency situation or due to non-payments during the Emergency situation, for a period of up to 30 days past the end of the Emergency situation. However, in no event will the extension be more than 120 days in total, following the expiry or termination.
Accounts Receivables will be introducing new flexible payment options for vulnerable customers on a case-by-case basis. Options that could be considered to help these customers include:
Aviva fully supports government directions and advice on reducing the risk of COVID-19, and recognizes that the closure of businesses and other measures has created a lot of uncertainty for customers. To help with that, they are:
The NSF fees will be waived until further notice. Wawanesa will anticipate that they will do so until May 25, 2020. Attempt to avoid policy cancellation for non-payment of insurance premiums until further notice. Wawanesa anticipates that this will be until at least May 25, 2020.
They will support the deferral of payments on a case by case basis. Provide for flexible payment options upon request.
Peace Hills understands that these may be financially challenging times for many customers. They are evaluating on a case-by-case basis for customers that have concerns about upcoming payments due to the current economic circumstances related to COVID-19.
They understand that the situation is evolving rapidly and that customers may need clarification about their account. They want to be as flexible as possible to help alleviate worries during such a precarious time. To that end, they have agreed to support their broker partners and customers by implementing the following directives:
SMI realizes this situation continues to change rapidly and personal financial difficulty over the coming months may be a concern for many of our policyholders. To help ease these concerns, they are taking several measures to ensure clients payment options are as flexible as possible during this time: