Amid ongoing concerns regarding the novel Coronavirus (COVID-19), Starr Insurance Companies’ top priority is the health, safety and well-being of our policyholders. We understand the concern and uncertainty you may be experiencing regarding this evolving situation and want to provide you with information related to your policy underwritten by Starr Indemnity & Liability Company or Starr Specialty Insurance Company (collectively “we” or “us”).
We are dedicated to helping those in need during this challenging time. If you are experiencing a financial hardship due to COVID-19, we can provide you with a grace period, of at least 90 calendar days, to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium during this challenging time due to circumstances beyond your control. A policyholder may elect this 90-day emergency grace period to begin retroactively on April 1, 2020 or opt for the grace period to begin on May 1, 2020.
In addition, we will: Waive late payment fees otherwise due, and not report late payments to credit rating agencies, during the 90-day period; Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments, whichever is longer; and Ensure that late payments during the 90-day period are not considered in any future premium calculations at any time (i.e. applicable late payments should not be counted for any rating, pricing, tiering attributes, etc.).
This grace period will be applied to all installment payments, including renewal down payments, provided that a policyholder notifies us of their desire to continue coverage. We are granting the policyholder an extended grace period for the payment of premium due without penalty or interest and with no change in terms of the issued policy.
We understand that our policyholders and brokers need all the support they can receive during this challenging time. We are fully open for business and available to assist. Please contact us by calling (866) 519-2522 or via email at email@example.com to discuss the options that may be available to you.