AmeriTrust Group Inc., based in Southfield, Michigan, has extended both its program to guarantee renewals of all admitted general business policies and its Economic Relief Payment Plan until Sept. 1, 2020.
The company said it extending the programs in response to the continuing effects of the COVID-19 pandemic on American businesses.
AmeriTrust first informed its contracted retail insurance agencies in March that its admitted insurance carriers would guarantee renewals for 90 days. Then, in early April, AmeriTrust announced guaranteed renewals would be extended to include policies renewing on July 1, 2020. Now, guaranteed renewals will continue through June, July and August.
Renewals will not be re-underwritten in most instances. Depending on the line of business, policies will be renewed as-is and may receive a nominal premium increase between 0 – 5%. As always, specific renewal guidance, such as policy endorsements and other changes, will be handled on a case-by-case basis.
AmeriTrust’s Economic Relief Payment Plan announced, on April 29, a zero-down payment relief opportunity for qualifying new business accounts. Under this plan, new qualifying admitted commercial property and casualty insurance accounts on direct billing are not required to make any down payments or first-month payments on their insurance policies. Instead, AmeriTrust offers these businesses a convenient 11-installment payment plan, splitting policy premium equally across the 11 months with the first payment due 30 days after their policy effective date and monthly thereafter.
The guaranteed admitted lines renewals and Economic Relief Payment Plan do not apply to program business, trucking business, excess workers’ compensation business or monoline “pay-as-you-go” workers’ compensation policies.
The company reserves the right to cancel or non-renew any policy for fraud or material misrepresentation, as allowed by applicable law. AmeriTrust carriers reserve the right to cancel or non-renew any policy upon discovery of a material change in risk, as allowed by applicable law.
Source: AmeriTrust Group Inc.
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