How We're Helping Our Insureds Amidst COVID-19

We know it is difficult. We have all been forced to make adjustments, sometimes daily, and there are insurmountable obstacles in keeping revenues up and receivables collected.

A lot of thought and consideration has been undertaken to come up with ways to help our insureds get through this difficult time. On one hand lawyers are fortunate to be able to work at home, but on the other it is difficult to carry out some of the work if the courthouse is not open, no in-person mediation, and if clients stop paying out of their fear for needed cashflow. We are aware of these struggles and face a few issues ourselves, not the least of which is the diminished market value of our equity portfolio, even if hopefully on a temporary basis.

We are not finished thinking outside the box, but at this time we want to make you aware of a couple of efforts on our part that will help your cashflow and the ultimate cost of your coverage.

WAIVED INTEREST CHARGES FOR FINANCE PLANS

First, for the remainder of 2020 we will waive the interest on any installment payments due on or after April 1. The interest paid after April 1 on existing payment plans will be applied toward the principal and will reduce the final payment within the pay plan. Net impact of forgiving interest on payment plans for the remainder of 2020 will be approximately $80,000 – $100,000 to our insureds!

EXTENDED GRACE PERIOD FOR FINANCE PLANS

In addition, we will add flexibility by providing 55 days, instead of 10 days, to make an installment payment before cancellation. Also, we will extend 60 days for payment on an endorsement adding lawyers to the firm policy. Remember, you have the ability to make payments through the Insured Portal.

EXTENDED GRACE PERIOD FOR POLICY RENEWALS

Please keep in mind the nature of the claims-made policy form on which all lawyers professional liability insurance is written. A policy must be in effect at the time you first report a claim. This makes continuity of coverage highly critical. For the remainder of 2020, we will work with you to help assure you maintain your coverage by providing 45 days after expiration date to get a new policy in place. We urge you to complete the application as soon as possible after receipt so we can get terms and payment options to you and then you can follow with at least the down payment.

We will continue providing several reminder notices regarding payment due dates.  Please also communicate with us regarding your needs so we can continue our mutually beneficial relationship.

Have A Question?

If you have any questions about the outlined policies and procedures on this page, please contact Cheryl Bond at 405-471-5380 or by email.