The New Jersey Department of Banking and Insurance (DOBI) issued a bulletin urging entities regulated by the department to work with and assist customers who have been adversely affected by Tropical Storm Ida.
“New Jersey residents suffered tremendous losses during Tropical Storm Ida that will have an impact on their finances and ability to make payments for certain obligations,” said DOBI Commissioner Marlene Caride in a press release issued by her office. “As the state begins the recovery process, we are urging insurance companies, financial institutions and other regulated entities to recognize the hardships faced by impacted residents and businesses and to work with and assist them as they recover from the effects of the storm.”
The bulletin enourages all insurers, banks, credit unions, mortgage lenders and brokers, consumer lenders, insurance producers, real estate brokers and any other person or entity subject to licensure or regulation by the department, to take into consideration the difficulties residents endured and will continue to endure until the damage caused by Tropical Storm Ida is repaired and affected residents fully recover.
For insurers, the department is encouraging the relaxing of due dates for insurance premium payments, extended grace periods, waived late fees and penalties and allowances for forbearance with regard to the cancellation/non-renewal of policies. It is also encouraging insurers to allow payment plans for premium payments and exercise efforts to assist affected policyholders and work with them to make sure that their insurance policies do not lapse.
Admitted property/casualty insurers, which includes homeowners, commercial property, flood and personal and commercial auto insurance with a total of $5,000,000 or more written property/casualty insurance premiums in the state with applicable insurance policies, are also required to provide to DOBI with information on property damage claims received by the insurer.
Source: New Jersey Department of Banking and Insurance
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