Resources + Insights
Bulletins
This page contains notices as required by various regulatory authorities as well as those FAIRCO believes are of importance to our policyholders.
2020.04.10 New Jersey Bulletin No. 20-15 90-Day Grace Period for Property & Casualty Insurance Premium Payments Due to the Disruption Caused by COVID-19
EXPIRED 6/4/2021
REINSTATED 1/12/2022
Attention New Jersey Property and Casualty Policyholders: Both Fair American Insurance and Reinsurance Company and Fair American Select Insurance Company are responding to the needs of their policyholders, and the direction of the New Jersey Department of Banking and Insurance (“NJDOBI”), by making certain accommodations to their New Jersey policyholders in response to the COVID-19 public health emergency.
NJDOBI Bulletin 20-15 requires that carriers provide their insureds who may be experiencing a financial hardship due to COVID-19 with at least a 90-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium during this challenging time due to circumstances beyond the control of the insured. A policyholder may elect this 90-day emergency grace period to begin retroactively on April 1, 2020 or opt for the grace period to begin on May 1, 2020.
During this extended grace period, insurers are directed to:
– Not cancel any insurance policy for nonpayment;
– Waive late payment fees otherwise due and shall not report late payments to credit rating agencies during the 90-day period;
– Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments, whichever is longer, except an insurer may permit a longer period; and
– Ensure that late payments during the 90-day period are not considered in any future premium calculations at any time.
Also, all agents, brokers, and other licensees who accept premium payments on behalf of insurers must take steps to ensure that customers able to make payments have the ability to make prompt insurance payments through alternate methods of payment, such as online payments.
New Jersey policyholders are encouraged to contact the insurer listed on your policy. For Fair American Insurance and Reinsurance contact us at info@fairco.com or toll free at 1-855-220-0390 and for Fair American Select Insurance Company, please contact us at info@fairamericanselect.com or toll free at 1-888-261-4765 with any questions about this notice. Thank you.
2020.04.09 FAIRCO Statement on COVID-19 Support for Policyholders
Effective for as long as the Orders from the Various State Insurance Authorities are in effect or until rescinded, whichever is later.
Fair American Insurance and Reinsurance Company and Fair American Select Insurance Company are closely monitoring the evolving COVID-19 pandemic and its effects on you, our policyholders. We understand many of you are severely impacted by the events surrounding the pandemic and we remain committed to responding to your needs. Our priority is to remain available and provide you with the necessary information and services you may require as we all work through this difficult period.
We continue to closely monitor and follow all applicable directives and regulatory guidance as issued by the various state insurance authorities, which may include, but are not limited to, offering extensions for the payment of premium, grace periods, waiving late payment fees, implementing a moratorium on the cancellation of policies for non-payment of premium, deferring non-renewal underwriting actions, and providing continuation of coverage for an expiring policy.
We encourage any policyholder who may be impacted by the COVID-19 pandemic and requires support to please contact your agent, broker, or the FAIRCO Program Administrator.
If you have any issues contacting your broker or agent, have additional questions or need direct assistance with respect to policy continuation, payment or claim submission, we encourage you to contact us here at Fair American Insurance and Reinsurance Company at info@fairco.com or call 855-220-0390, and at Fair American Select Insurance Company at info@fairamericanselect.com or by calling 888-261-4765. Thank you, and please stay safe.
2020.04.27 District of Columbia Order No.03-2020 Order Providing Relief to Policyholders
EXPIRED 8/25/2021
DISB Order 03-2020 requires that carriers provide their District of Columbia insureds who may be experiencing a financial hardship due to COVID-19 with a variety of reasonable accommodations, including the prohibition of the terminating of insurance contracts due to non-payment. The prohibition does not eliminate the obligation to pay premium but is an extension of the grace period. Insurers will provide policyholders the ability to repay any unpaid premiums in installments over a period of not less than 12 months beginning one month after the end of the emergency. Late and other fees will be waived.
The DISB also directs all insurance companies to make reasonable accommodations for policyholders during
the emergency. Reasonable accommodations should include:
o Waiving installment, late payment or reinstatement fees;
o Deferring cancellations, non-renewals and adverse underwriting actions;
o Extending billing due dates and premium grace periods;
o Ensuring that late payments during the emergency are not considered in any future
premium calculations at any time (i.e. applicable late payments should not be
counted for any rating, pricing, tiering attributes, etc.);
o Making policyholders aware of the accommodations available;
o Providing ready access for policyholders to apply for such accommodations, online, by
mail, and telephonically; and
o Providing an option to use electronic payment technology through a website, a software
application, or electronic bank transfers, when possible.
Additional details with Respect to Premium Relief for policies subject to audit, insurer procedures to file premium relief, as applicable, coverage for “livery” delivery of food, medicine or medical supplies, and options for those policyholders with general liability policies can be found on the attached Bulletin below.
We encourage any policyholder who may be impacted by the COVID-19 pandemic and requires support to immediately contact your agent, broker, or the FAIRCO Program Administrator. In the event you have difficulty contacting your insurance professional, District of Columbia policyholders are encouraged to contact the insurer listed on your policy. For Fair American Insurance and Reinsurance contact us at info@fairco.com or toll free at 1-855-220-0390 and for Fair American Select Insurance Company, please contact us at info@fairamericanselect.com or toll free at 1-888-261-4765 with any questions about this notice. Thank you.
2020.04.14 New York – Insurer Practices During the COVID-19 Pandemic
Effective originally through April 28 and now extended to July 6, 2020 per EO 202.38 and June 29 Consolidated Emergency Rule
EXPIRED 7/6/2020
Attention New York Property/Casualty policyholders: Fair American Insurance and Reinsurance Company (FAIRCO) is responding to the needs of its policyholders by making certain accommodations to its policyholders in response to the COVID-19 public health emergency. These accommodations include:
The institution of a moratorium of the cancellation, non-renewal, or conditional renewal of any applicable property/casualty insurance policy for individuals or small business, or group policies insuring certificate holders that are individuals or small businesses, impacted by the COVID-19 emergency for 60 days from the policy cancellation or renewal date; Per the Consolidated Emergency Rule, policyholders demonstrating financial hardship are eligible for only one 60-day grace period.
Permitting policyholders that did not make a timely premium payment due to financial hardship as a result of COVID-19, to pay such premium over a 12-month period;
Also with regard to policyholders that did not make a timely premium payment due to financial hardship as a result of COVID-19, FAIRCO will not impose any late fees or report the policyholder to a credit reporting agency or a debt collection agency.
As of 6/29/2020, in accordance with the Consolidated Emergency Rule, we will no longer be sending separate notices to our policyholders regarding these actions and the payment accommodations that FAIRCO is providing to them.
New York policyholders are encouraged to contact Fair American Insurance and Reinsurance Company toll free at 1-855-220-0390 or by email at info@fairco.com with any questions about this notice or to discuss billing or make alternative payment arrangements.
Executive Orders EO 202.13 (Consolidated) and 202.28 are below.
2020.04.29 Oklahoma Bulletin No. PC 2020-01 (Amended v2.0) – Immediate measures related to the potential impact of COVID-19
Effective until the declared state of emergency expires
EXPIRED MAY 2021
Attention Oklahoma Property and Casualty Policyholders: Both Fair American Insurance and Reinsurance Company (FAIRCO) and Fair American Select Insurance Company (FASIC) are responding to the needs of their policyholders, and the direction of the Oklahoma Insurance Department, by making accommodations including:
Extending any applicable grace period for nonpayment of premium or payment of premium due to premium financing agreements by forty-five (45) days.
This grace period extension does not relieve an insured of the obligation to pay premiums but merely is a deferral of the payment due date. Failure to pay the premium allows the insurer to cancel the policyholder’s policy back to the due date; and
Suspending all claims reporting deadlines for the duration of the emergency declaration and extending all policyholder rights or benefits related to deadlines until 90 days after the state of emergency ends, including acceptance as valid and binding claims or claim related documents bearing an e-signature or e-notary.
Fair American Insurance and Reinsurance Company and Fair American Select Insurance Company will offer these accommodations to their Oklahoma policyholders for as long as the declared state of emergency remains in effect. Oklahoma policyholders are encouraged to contact Fair American Insurance and Reinsurance Company at info@fairco.com or Fair American Select Insurance Company at info@fairamericanselect.com with any questions about this notice.
2020.03.27 Colorado Bulletin No. B-5.38 – Actions to Protect Consumers with Property and Casualty Insurance Policies During the COVID-19 Public Health Emergency in Colorado
Effective for as long as the Orders from the Colorado Department of Public Health and Environment are in effect or until Bulletin B-5.38 is rescinded, whichever is later.
EXPIRED 8/4/2021
Attention Colorado Property and Casualty Policyholders: Both Fair American Insurance and Reinsurance Company and Fair American Select Insurance Company are responding to the needs of their policyholders, and the direction of the Colorado Division of Insurance, by making reasonable accommodations to their policyholders in response to the COVID-19 public health emergency to prevent individuals and businesses from losing coverage due to cancellation for the non-payment of premium during this unprecedented time. These accommodations are applicable to all property and casualty lines of insurance, including non-admitted policies, and include, but are not limited to, offering extensions of premium grace periods, waiving late payment fees, implementing a moratorium on the cancellation of policies for non-payment of premium, deferring non-renewal underwriting actions, and providing continuation of coverage for any expiring policy. Fair American Insurance and Reinsurance Company and Fair American Select Insurance Company will offer these accommodations to their Colorado policyholders for as long as the Orders, issued by the Colorado Department of Public Health and Environment, including Public Health Orders 20-20, 20-22, 20-23 and 20-24 remain in effect or until Bulletin B-5.38 is rescinded, whichever is later. Colorado policyholders are encouraged to contact Fair American Insurance and Reinsurance Company at info@fairco.com or Fair American Select Insurance Company at info@fairamericanselect.com with any questions about this notice.
2018.12.04 Illinois Bulletin 2018-12 – Suspension of Cancellation, Non-Renewal and Premium Payments
Expired 2019.01.23
Attention Illinois Storm Victims FAIRCO is responding to the needs of its policyholders and the requests of the Illinois Department of Insurance in the administration of insurance policies, including all lines, resulting from a recent storm that caused significant damage in or around Christian County. Effective immediately, the following actions are applicable for all lines to policyholders who reside in or own property located in or around Christian County.
2017.07.17 Illinois Bulletin 2017-03 – Suspension of Cancellation, Non-Renewal and Premium Payments
Expired 2017.09.30
Attention Illinois Flood Victims FAIRCO is responding to the needs of its policyholders and the requests of the Illinois Department of Insurance in the administration of insurance policies, including all lines, resulting from a recent weather-related storm disaster that impacted the state. Effective immediately, the following actions are applicable for all lines to policyholders who reside in or own property located in or around Cook, Kane, Lake and McHenry counties.
2015.12.29 Illinois Bulletin 2015-13 – Moratorium on Cancellation and Non-Renewal
Revised 2016.01.06 Expired 2016.03.01
Attention Illinois Storm Victims FAIRCO is responding to the needs of its policyholders and the requests of the Illinois Department of Insurance in the administration of insurance policies, including all lines, resulting from a recent weather-related storm disaster that impacted the state. Effective immediately, the following actions are applicable for all lines to policyholders who reside in or own property located in or around Cass, Cumberland, Iroquois, Lawrence, Marion, Menard, Moultrie, Pike, Richland, Sangamon, and Vermilion counties in addition to Alexander, Calhoun, Christian, Clinton, Douglas, Jackson, Jersey, Madison, Monroe, Morgan, Randolph, and St. Clair previously declared.
