The Concord Group Insurance Companies announced a plan to deliver $2,400,000 in return premium and expand several underwriting guidelines and coverage limits to over 150,000 policyholders throughout the four New England states the company does business in, as part of its response to the COVID-19 outbreak.
The decision to refund premium reflects the impact the government stay-at-home orders have had on reducing miles driven and accidents. A 15% refund of April and May premium to the company’s personal auto policyholders will be applied the week of April 20th as a single reduction to the auto policy. Customers who have paid their policies in full will receive a refund check in the mail. There is no action needed to receive the premium refund.
Additionally, the Concord Group has taken several other measures to help ease customer burden, while the COVID-19 pandemic is going on. These include:
- Providing personal auto coverage to insureds who are temporarily utilizing their vehicles to deliver food or medicine
- Voluntarily waiving comprehensive and collision deductibles for any healthcare worker involved in an accident while driving to and from work, or in the line of duty
- Extending the number of days for rental car coverage if there is a delay in the repair of an insured’s vehicle
- Extending the limit on additional living expenses to homeowners who are unable to live in their homes following a covered loss and require temporary accommodations
- Considering all covered premises as “occupied” while stay-at-home orders remain in place
“It’s especially important for Insurance Companies who specialize in handling catastrophic situations to support our policyholders, agents and local communities in this time of critical need,” said Daniel L. McCabe, President & CEO of The Concord Group. “The actions we are taking now are about doing the right thing for people in a meaningful way. We are in a situation that the Industry, and world, has never experienced. These are ways in which we can significantly help people, and we feel it is our responsibility to do so.”
Founded in 1928, The Concord Group Insurance Companies offers home, auto, business, and life insurance. The Concord Group works exclusively with independent insurance agents; its products are available from more than 600 agents in Maine, Massachusetts, New Hampshire, and Vermont. In 2017, the company affiliated with Auto-Owners Insurance Group, an AM Best-rated A++ insurer.
