NJM Insurance Group is refunding a portion of premiums – US$1.9 million – to commercial vehicle policyholders through its Policyholder Relief Program. They will receive the equivalent of 15 per cent of two months of their annual insurance premium, in recognition of reduced driving related to the COVID-19 pandemic.
NJM says it will mail refund cheques to approximately 9900 commercial vehicle policyholders, which totals US$1.9 million in returned premiums. The company says it has worked with its business insurance customers to implement payment plans and policy modifications for those affected by COVID-19 over the past several months.
“NJM operates in a mutual fashion, so this relief aligns with one of our core values – operating for the exclusive benefit of our policyholders,” said Mitch Livingston, President and CEO of NJM. “Our commitment to policyholders has set NJM apart for over a century, and it is especially important in this new economic reality.”
“This refund recognises the unprecedented challenges many of our policyholders have faced this year, including reductions in business operations,” said Arjay Pedalino, Vice President of Commercial Lines, NJM. “While the country rebuilds and recovers, rest assured that NJM will continue working on behalf of its policyholders.”
The company says the NJM Policyholder Relief Program was created to help provide premium assistance for NJM policyholders affected by COVID-19. In May and July, the NJM Policyholder Relief Program refunded a total of US$69.4 million to personal vehicle policyholders.