INSURANCE DEPARTMENT ISSUES BULLETIN ON GRACE PERIOD FOR PREMIUM PAYMENTS
On April 10, 2020, the New Jersey Department of Insurance issued Bulletin No. 20-15 to all property and casualty insurers directing them to provide insureds experiencing a financial hardship due to COVID-19 with a 90-day grace period to pay insurance premiums to avoid cancellation for nonpayment. Insurers are also directed to waive late payment fees and allow the catch-up payment to be made over a 12-month period or the remainder of the current policy period, whichever is longer.
NJ Bulletin No. 20-15