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More Carriers Respond to Support Clients and Communities Hit by Crisis

More carriers and Big “I” partners responded to support their policyholders and communities.
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This week, more carriers and Big “I” partners responded to support their policyholders and communities. The latest to provide relief were Encova Insurance, The Selective Insurance Group, Inc., The Hanover and Chubb.

On Monday, Encova announced their plans to issue a 15% policy credit to more than 80,000 personal auto policyholders for the months of April and May, according to a press release.  Data has continued to show that as fewer vehicles are on the road due to the suspension of nonessential travel, fewer accidents are occurring.

“As a mutual carrier, our policyholders are our owners,” said TJ Obrokta Jr., president and CEO, Encova said. “We understand the impact this pandemic continues to have on the world. Encova is committed to being here when we are needed most by making responsible decisions on our policyholders’ behalf.”

Recently, the Encova Foundation of Ohio and the Encova Foundation of West Virginia donated $130,000 to 26 foodbanks across their geographic footprint. The Encova Foundation of Ohio has also partnered with United Way of Central Ohio’s COVID-19 Community Response Fund.

“We are in unchartered waters,” Obrokta said. “Encova cares about our associates, agents, policyholders and communities. We are all in this together, and we will get through this together.”

Also, on Monday, Selective announced that customers with personal and business auto insurance policies will receive a 15% premium credit for April and May, according to a press release. The initiative is part of the company's ongoing efforts to support its customers, employees, independent distribution partners and the community in these uncertain times.

"At Selective, we understand the disruption of the COVID-19 pandemic and the related governmental directives. We are giving our personal and business auto policyholders—who have helped to flatten the curve by sheltering-in-place—premium credit for driving less," said John Marchioni, president and CEO, Selective.

In addition, Selective is supporting policyholders by offering individualized payment flexibility to ensure they can maintain coverage and delaying policy cancellations, late payment notices and late or reinstatement fees until May 31 or the timeframe determined by each customer's home state insurance commissioner.

To assist business owners undergoing changes in their operations and risk exposures, such as those transitioning from solely brick and mortar operations to a delivery service or using their property differently, Selective is collaborating with them and their independent agents to make mid-term policy adjustments. Selective also recently made a $100,000 donation to the New Jersey Pandemic Relief Fund.

Last week, The Hanover Insurance Group, Inc. announced it created The Hanover CARES Refund, through which the company will return 15% of April and May auto premiums to its eligible personal lines customers, according to a press release. The company also announced a commitment to contribute $500,000 to nonprofits in local communities to address needs arising from the public health crisis.

"We recognize our customers are feeling significant stress, including financial pressure, as a result of this pandemic," said John C. Roche, president and CEO, The Hanover. "Our company has a long, proud tradition of being there when we are needed most, delivering for those who depend on us. We are committed now, as always, to do what we can to help our customers, partners and home communities manage through these difficult times."

Last week, Chubb pledged to give $10 million to pandemic relief efforts globally. The support will go to people and programs providing emergency frontline services and for assistance to the most financially vulnerable.

“We are committed to supporting people, business and communities most impacted by this global crisis,” said Evan G. Greenberg, chairman and chief executive officer, Chubb. “Our $10 million commitment will add to the urgent efforts required to meet the immediate health and nutrition needs of those most affected.”

Chubb has also temporarily suspended policy cancellations for commercial clients who cannot pay their premiums on time due to events related to the pandemic. For personal lines customers, Chubb has instituted flexible premium payment options and a renewal credit averaging $110 per vehicle to reflect the reduction in their driving habits.

The Big “I” is tracking information on carrier response to the coronavirus pandemic on its website.

Will Jones is IA managing editor.

Tuesday, June 2, 2020
Personal Lines