Affected Policyholders Do Not Have to Pay Premiums until Next Year
The New York State Insurance Fund Also Offers Flexible Payment Terms to All Policyholders
Albany, NY (November 28, 2012)
Governor Andrew M. Cuomo today announced that the New York State Insurance Fund is extending payment deadlines for all policyholders directly affected by Hurricane Sandy. For affected workers' compensation and disability benefits policyholders in 10 New York counties - Bronx, Kings, Nassau, New York, Orange, Richmond, Rockland, Suffolk, Queens and Westchester - with a premium payment due date between October 26 - December 26, 2012, the payment deadline is extended to January 26, 2013. In effect, all policyholders will receive a minimum 30 day grace period, and some policyholders may receive a grace period up to 90 days. In addition, there will be no penalties or cancellations during this time for affected policyholders.
"Local businesses are still trying to build back after Hurricane Sandy, and we are committed to continuing to help them recover in the weeks and months ahead," said Governor Cuomo. "Communities impacted by the storm depend greatly on the ability of our local businesses to have the flexibility and resources they need to get back to business. In addition to the financial resources and assistance the State is currently offering to businesses, we are providing up to 90-day extensions for premium payments to help businesses recover."
The State Insurance Fund urges its policyholders to contact their underwriter with revised payroll information so that the Fund can adjust their premiums and set up payment plans that will enable them to recover more quickly. The State Insurance Fund has also instituted more flexible procedures for assessing coverage and setting premium rates recognizing that affected employers may not have immediate access to payroll reports and other financial records. If you have any questions, please contact your local business office or NYSIF at 1-877-898-8308.
In addition to these efforts, the State Insurance Fund also immediately suspended policy cancellations for non-payment for 30 days following the storm. Through November 23, NYSIF reinstated 8,903 policies for 7,834 workers' compensation policyholders and 1,069 disability benefits policyholders.
"The State Insurance Fund is pleased to offer assistance to those affected by the storm," said Chief Executive Deputy Director Dennis J. Hayes. "We will continue to assess what steps must be taken to ensure we provide services to our customers without red tape and long delays."
Please visit the New York State Insurance Fund's Hurricane Sandy page for more information at http://ww3.nysif.com/AboutNYSIF/NYSIFNews/HurricaneSandy.aspx, as well as on Facebook (www.facebook.com/newyorkstateinsurancefund) and Twitter (www.twitter.com/NYSIF_1914) pages for up-to-date information.