close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

DEPARTMENT ISSUED BULLETIN ENCOURAGING INSURERS TO ADJUST PREMIUMS

April 2, 2020, the Utah Insurance Department issued Bulletin 2020-4 in which insurers were encouraged to adjust premiums when possible where premium is based on payroll, sales or other projections that don't reflect actual performance. Where premium is based on operations that have ceased, the same opportunity is available. Where businesses have adapted their operations to meet the new coronavirus reality (curbside pick-up and product delivery being examples) insurers should consider offering additional coverage options to support those new operations. Insurers are encouraged to pursue these opportunities where available.

UT Bulletin 2020-4