North American Update on Underwriting New BusinessScott Karstens
As we continue to monitor the COVID-19 situation in our country, we want to ensure we’re providing you the flexibility and resources you need to continue to run your business and protect clients. Additionally, we appreciate your patience as we worked through our business continuity plans last week. Thank you for continuing to choose North American.
Flexibility on submitted business
We are changing how we will handle pending applications in order to account for paramedical vendors who may not be in operation in certain areas. The following changes are effective immediately, including cases that have already been submitted.
- We will extend the time that a case can stay pending while we wait for underwriting requirements from 60 days to 120 days.
- We will extend our deadline for receiving premiums (after the policy has been issued) from 30 days to 45 days.
We hope these measures help you to continue to run your business and provide flexibility for you and your agents. We are also exploring other options to address the paramed closures. We will share information as soon as we can on this.
- 90 days from the date the application was signed;
- The date that insurance takes effect; under the insurance contracts as applied for in the application
- The date an insurance contract other than as applied for in the application is offered to the proposed owner;
- The date the company mails notice of termination of coverage and refunds the advance premium payment to the proposed owner at the address shown in the application.
Here is a copy of the official notification: CLICK HERE