Old Bridge Township

Middlesex County, NJ

1 Old Bridge Plaza, Old Bridge, NJ 08857
Phone: 732-721-5600     Fax: 732-607-7900

News

5/14/2020 - Insurance Premium Refunds, Credits and Reductions

 

PREMIUM REFUNDS, CREDITS AND REDUCTIONS IN RESPONSE TO COVID-19 PANDEMIC

The COVID-19 pandemic has severely curtailed activities of policyholders in both personal and commercial lines of insurance. This has caused the projected loss exposures of many insurance policies to become overstated or misclassified. This is especially true for policies where premiums are based partly on measures of risk such as number of miles driven, revenue, and payrolls, which have all been reduced significantly as a result of COVID-19.

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