COVID-19 and Your Insurance Policy with Universal Property & Casualty Insurance Company
Universal Property & Casualty Insurance Company (UPCIC) recognizes the challenges being faced around the world during this extraordinary time. As we respond to the growing concerns regarding the spread of COVID-19, we remain committed to the health and safety of our workforce and the communities in which we operate.
As you may know, the New Jersey Department of Banking and Insurance has asked insurance companies to extend grace periods and other opportunities to policyholders who are facing financial hardship as a result of the COVID-19 pandemic. We support these efforts and have taken steps to extend these opportunities to you. Some of the important measures UPCIC is taking with regards to policyholders experiencing financial hardship as a result of the COVID-19 pandemic are:
- Providing a 90-day grace period to pay insurance premiums to begin retroactively on April 1st, 2020 or begin on May 1st, 2020. Note: You must elect the date on which this grace period begins.
- Ensuring late payments during the 90-day period are not considered in any future premium calculations
- Waiving all penalties/fees relating to late payments due during the grace period
This grace period is intended to be applied to all installment payments, including renewal down payments, provided that UPCIC receives notice that you are experiencing financial hardships due to the COVID-19 pandemic and still wish to continue the policy. This notice must be submitted to the Company in writing. Please contact us at the telephone number below if you have any questions or need assistance with requesting a grace period.
The grace period is not intended to change the terms of the issued policy or be considered a waiver or forgiveness of the premium. Rather, it is intended as an extended grace period for the payment of premium due without penalty or interest. You remain responsible for premium payments associated with your policy, including any premiums that come due during the grace period. If any deferred premiums remain due at the end of the grace period, we will work with you on payment options. These options include allowing the deferred premiums to be paid over the remainder of the current policy term, or over up to 12 months in monthly installments.
If you have any questions about your policy, including the status, please visit our website at www.universalproperty.com to access your information.
We encourage policyholders to reach out to our Customer Service Department at 800-425-9113 to discuss how we may be able to assist.