CT Lawyer flags a related but critical issue that applies across ALL types of insurance. In these periods of financial stress on insurance companies, whether from claims related to life and health as well as property and casualty lines including storms, fires, business interruption etc. they seem even less forgiving regarding “LATE” payments for premiums and grace periods which may be as short as 15 days under some policies. They seem to be looking for any outs to cancel “out of market” policies and a late payment gives them the option to do so. Relying on third parties or brokers to make payments is a risk you need to consider and monitor payments carefully. For large employers, it may not be such a big issue but for smaller employers and those with challenging finances, its a disaster waiting to happen.
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