July 22, 2020
Normandy Insurance Company is committed to helping our clients that have been affected by COVID-19 directly or indirectly. We understand there have been financial hardships with closures associated with state and local mandates. We want to be able to offer you every way to hold on to your business by maintaining your insurance premiums.
Every situation will be different so we ask you to contact us directly and we can assess your situation.
For many of our clients, we have adjusted premiums upon request by reducing payrolls for non-furloughed employees on installment policies. We will be continuing this adjustment until further notice. To make it easier, monthly self-reporting policies can simply report the payroll developed (or zero payroll if none) in a given month without the hassle of requesting an adjustment the estimated payroll.
The National Council on Compensation Insurance (NCCI), along with the Department of Insurance in most states, has developed measures to help employers who are paying furloughed non-working employees with funds received from the Payroll Protection Program or directly out of the employer’s pockets. Class code 0012 has been developed to allow employers to not pay workers’ compensation premiums on wages paid for furloughed non-working staff. This code can be added to the policy upon request and at audit is available for use through the end of 2020.
At Normandy Insurance, we are a business just like yours. We understand these are difficult times and we want to help where we can. Please contact us if you have any concerns about paying your premiums, or if you should have any other questions.
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