Merchants Insurance Group announces COVID Discounts
Posted by LPL Risk Management on
Merchants Insurance Group is pleased to announce that our COVID-19 Relief Payment has been approved in New York State and the following outlines the details.
Merchants will provide a 15% COVID-19 Relief Payment for the following lines of business for the months of May and June: Personal Automobile, Commercial Automobile and some MAP® Businessowners policies (excluding MAP® Auto Repair and MAP® Contractor policies).
For policyholders to receive this relief payment for the months of May and June, their policy(s) must be in force on April 30th and on May 31st respectively.
There is nothing for the policyholder to do to if they qualify for this relief payment. For May payments, Merchants will automatically apply the payment to the policyholder’s account on May 11th and it will be reflected on their next insurance bill issued after that date. For June payments, Merchants will automatically apply the payment to the policyholder’s account on June 10th and the payment will be reflected on their next insurance bill issued after that date.
If a policyholder has paid their policy(s) in full, Merchants will issue a check to the policyholder on May 11th for May payments and on June 10th for June payments.
As previously mentioned, the minimum payment applied will be $10 even if the calculated amount is less.
Please note that agent base commissions will not be adversely affected by this policyholder payment.
Since we received approval so quickly for this 15% Relief Payment, Merchants will now be sending the new letter attached to all New York Personal Automobile, Commercial Automobile and MAP® Businessowners policyholders (MAP® Auto Repair and MAP® Contractor policies are excluded).
Merchants Insurance Group is dedicated to working with our customers. We will continue to monitor and evaluate the COVID-19 situation and take actions as needed to assist you. Please contact your Regional Vice President, Territory Manager or Underwriter with any questions. Thank you for your continued support and business.
Most carriers are doing something similar. Please check your company website.