The New Jersey Department of Banking and Insurance (“DOBI”) has recently announced that insureds that are suffering a financial hardship as a result of COVID-19 and who financed their insurance premiums through a premium finance company may be eligible for a 90-day grace period on their installment payments. To be eligible for relief, insureds must be suffering a financial hardship as a result of COVID-19 and their accounts must have been in good standing as of March 1, 2020. The relief is not applicable to premium finance agreements entered into after March 1, 2020. To apply for relief, insureds must fill out and submit a payment deferral request form to Imperial PFS. If you have any questions regarding eligibility or the relief offered under the Bulletin issued by DOBI, please send an email to NJ-COVID-19-Deferment@ipfs.com.
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