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CUNA Mutual offers 60-day grace period for flood victims
MADISON, Wis. (6/19/08)--CUNA Mutual Group has placed 60-day moratoriums on company-initiated cancellations and non-renewals of any in-force insurance policies for policyholders in four states hardest hit by June floods--Illinois, Indiana, Iowa and Wisconsin. The company announced it also is waiving any penalties for late-premium payments for policyholders in these states for the same period. The actions were effective as of Wednesday. Other states that experience widespread and damaging floods may be added in the future. “Flood waters have been at historic levels this month, and thousands of individuals and businesses have been severely impacted,” said CUNA Mutual President/CEO Jeff Post. “Taking steps to help policyholders affected by the flooding is good business.” CUNA Mutual’s moratoriums cover policyholders throughout the four states and are not restricted to counties declared disaster areas. The moratoriums are only for nonpayment of premium for in-force policies. New policies will be required to pay premium at inception, or as otherwise required. The moratoriums apply only to policies underwritten by CUNA Mutual.
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