On April 13th, 2020 Ricardo Lara the commissioner of the California Department of Insurance announced that businesses and consumers should be eligible for a premium refund for payments made in March and April due to the effects of the COVID-19 crisis. The commissioner stated Insurers may comply with the refund by providing a premium credit, reduction, return of premium, or other appropriate premium adjustment. Click here to read the full DOI announcement.
The lines of insurance eligible for premium refunds:
- Commercial liability insurance
- Commercial automobile insurance
- Medical malpractice insurance
- Workers’ compensation insurance
- Commercial multiple peril insurance
- Private passenger automobile insurance
- Any other line of coverage where the risk may have become substantially overstated as a result of the pandemic.
Click here to read more.
