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5 for 5-IMPACT OF COVID-19

Updated: Mar 25, 2022

THE 5 FOR 5 SERIES FROM ISI BRINGS 5 key items related to insurance tracking in UNDER 5 minutes.

 

state mandates

some states have released mandates that primary insurance companies are prohibited from cancelling a policy holder's insurance coverage due to non payment of premium during the cover-19 crisis. you can check your state department of insurance website by visiting the state web map.


policy cancellations

many insurance carriers are deterring cancellations of insurance policies due to non-payment during the cover-19 crisis.


policy refund checks

many carriers are providing refunds due to the reduced number of vehicles on the road since quarantine measures measures were put into place.


impact on cpi claims

claims processing has been impacted with delays in skip tracing and assigning repo agents due to local health restrictions. lenders have been impacted with delays in repossessions, postponing collection efforts. coordinate with your provider regarding timeline restrictions and other criteria to be met prior to claim filing.


the next 3,6,12 months

policy cancellations will be delayed through may and into june for policy holders that are financially impacted from covid-19. primary insurance carriers will begin requiring payment of insurance premium and the unemployment rate will be a huge contributor to the amount of cancellations lenders will see from borrowers.



5 in 5 COVID19 Primary Insurance and Col
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