As the effects of Coronavirus (COVID-19) pandemic continue to expand, Velocity Risk Underwriters is closely monitoring the latest reports from the Centers for Disease Control (CDC). The health and well-being of our employees and families are our top priorities. With this in mind, we have made the decision to require all employees to temporarily work from home. We have ensured that our employees and support staff have the tools they need to respond to your requests, and while we hope there is little or no change in service, we ask for your patience as we do our part in reducing the spread of the virus.
Velocity is actively monitoring state regulatory requirements in response to the Coronavirus pandemic. Please contact us at one of the telephone numbers listed below if you are experiencing financial hardship due to COVID-19. We will provide flexible premium payment options and make other accommodations to assist our policyholders in avoiding cancellation or nonrenewal.
A recent Executive Order issued by New York Governor Cuomo, together with recent amendments to the insurance and banking regulations issued by the New York State Department of Financial Services, extend grace periods and give other rights under certain property/casualty insurance policies to individuals who can demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic. 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 a small business, only certain types of commercial lines property/casualty insurance policies are covered by these amendments. A business qualifies as a “small business” if it is resident in New York State, is independently owned and operated, and employs 100 or fewer individuals.
A copy of the Executive Order and regulations can be found at either of the two links below.
For more details regarding the order, click here.
We’ve placed a moratorium on cancellations or nonrenewals due to nonpayment of premium for the duration of the Health Public Orders or until Bulletin B-5.38 is rescinded. We will accommodate policyholders to prevent cancellations or nonrenewals including, but not limited to: provide extension of premium payment grace periods, waiver of late payment fees, defer nonrenewal underwriting actions and continue coverage on expiring policies.
On April 9, 2020, Governor Phil Murphy issued Executive Order No. 123 directing Insurers to offer an emergency extended grace period for the payment of premiums to those policyholders who are experiencing financial hardship due to COVID-19. In compliance with this order, we will offer an emergency extended grace period to policyholders based on the following: