Listed below is information and steps Tokio Marine America policyholders and agents doing business in New York may be required to take related to COVID-19. Please read everything carefully and use the button to access the attestation form if you meet the eligibility details listed below.
A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations issued by the New York State Department of Financial Services, extend grace periods and give you other rights under certain property/casualty insurance policies if you are an individual or small business and can demonstrate financial hardship as a result of the novel coronavirus pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further.
The Executive Order applies to certain types of commercial lines property/casualty insurance policies, generally including property, fire, commercial general liability, special multi-peril, medical malpractice, workers’ compensation, commercial auto (including livery and other for-hire vehicles), and commercial umbrella insurance.
As noted above, the Executive Order applies to individuals and small businesses. A business qualifies as a "small business" if it:
- Is resident in New York State
- Is independently owned and operated
- Employs 100 or fewer individuals
Please contact us if you are uncertain whether your policy is covered by the Executive Order.
Go here for a copy of the Executive Order.
Go here for a copy of the regulations.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, there is a moratorium preventing us from cancelling, non-renewing, or conditionally renewing your property/casualty insurance policy for a period of 60 days. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.
Policies Financed by Premium Finance Agencies – Grace Period
If your insurance policy has been financed through a premium finance agency, and you, as an affected policyholder, do not make an installment payment, the premium finance agency may not cancel your policy for a period of at least 60 days, including any contractual grace period, and subject to the safety and soundness of the premium finance agency. In addition, if you do not make a timely installment payment to the premium finance agency, the premium finance agency must extend the due date for the installment payment by at least 60 days, may not impose any late fees relating to that installment payment, and may not report you to a credit reporting agency or a debt collection agency regarding that installment payment.
Catching up on Overdue Payments to Premium Finance Agencies
If you, as an affected policyholder, do not make a timely installment payment to the premium finance agency due to financial hardship as a result of the COVID-19 pandemic, the premium finance agency must permit you to pay the installment payment over a 12-month period if you can still demonstrate financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness of the premium finance agency. This also applies if the premium finance agency issued a non-payment cancellation notice prior to March 29, 2020.
How to Demonstrate Financial Hardship
If you, as an affected policyholder, are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you should submit to us a completed copy of the attestation available below. The attestation may be submitted to us electronically and does not need to be notarized. However, please understand that the attestation is a statement made under penalty of perjury.
Submit Attestation Form
For questions regarding your rights under the Executive Order or regulations, please use the contact information below. You can also check the Department’s website for updates at