Earlier this month, Beazley—the insurer we've arranged your policy with—announced a 60-day premium pause to policyholders affected by COVID-19.
Many of our customers have projects delayed or cancelled. Pausing payments for 60 days gives you the ability to remain covered whilst cashflow is restricted. Here are a few things to note:
- This was effective from March 23rd, so if you've missed April's payment your policy will not be cancelled
- April and May payments will be paused on request, but the insurer is reviewing the situation as things unfold
- Instead of cancelling your direct debit, please contact us so we can notify the insurer
"For many clients, the impact on cash flow is an immediate concern. To support our clients impacted by the coronavirus, effective March 23rd, Beazley has implemented a 60 day freeze on cancellation and nonrenewal notices for non-payment of premium and we will not be issuing late fees to clients during that time.
Our priority is to continue to provide a strong and reliable service to all our clients, consistent with our core values. We pledge to work with our clients during this crisis to achieve outcomes that are fair, balanced and consistent with the regulatory environment we work in around the world."
If your renewal is due but you don't have any work on, there is the option to extend your renewal by 30 days to give you more time to assess the situation. Some customers have also opted to put their policy into run-off mode to reduce premiums.
If you've been impacted by COVID-19 then contact us and we'll do our best to help.