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Fulmont Mutual Insurance Company

Premium payments while under COVID-19 financial stress

April 7, 2020 To our valued customers, Are you having financial hardship as a result of the COVID-19 pandemic and are unable to pay premiums that are due? Fulmont Mutual Insurance Company can assist you by suspending any cancellation for nonpayment when issued and allowing you to pay the premium over a 12-month period. You may also be eligible to pay any missed payment plan bill over a period of 12-months. This also applies if you are a small business—any business that is resident in this state, is independently owned and operated, and employs 100 or fewer individuals. In order to take advantage of these extensions, Fulmont Mutual Insurance Company will need the attached written attestation form completed if you are having financial hardship as a result of the COVID-19 pandemic. A recent Executive Order issued by Gov. Andrew M. Cuomo set forth the details that insurers must abide by in implementing the premium relief that has been mandated for policyholders financially impacted by COVID-19 pandemic. If you have any questions about this premium payment assistance, or need help with the process, please do not hesitate to contact our Company at 518 762 3171 or 800-721-0903.

Coverage for business interruption is afforded when there is coverage for direct loss or damage to covered property such as buildings or business property which leads to the cessation of business operations. It requires that actual physical damage to your premises must occur to trigger a loss of business income and extra expense coverage. Illnesses to people do not constitute loss or damage to covered property. Consequently, there is no coverage for business interruption from COVID-19.

In addition, there are no available coverages in your policy that would provide protection from contingent business interruption or supply chain interruption.

This policyholder notification is not a contract of insurance. It is intended to provide information on your commercial property insurance. It is recommended that you review your policy carefully to determine your rights, duties and obligations. This information is intended to assist you in the review of your policy.

Please contact your insurance agent if you have any questions regarding coverage. We are hopeful that you won’t experience a loss of business income due to this pandemic, but trust you understand our position.

 

"What if COVID-19 (Coronavirus) impacts any business interruption coverage I may have on my policy ?"

Business interruption coverages, if provided on your policy under forms SF43, SF44, SF46, SF310, SF311, SF312, SF312A provide loss of income and extra expense following a covered loss. These coverages may appear in your policy as Loss of Income, Loss of Earnings, Gross Earnings, Loss of Rents, Extra Expense or Additional Expense. Contained in many of the business interruption coverages is a provision for loss of income when a civil authority prohibits access to your premises as a result of a covered cause of loss to property at a premises other than yours.

Coverage for business interruption is afforded when there is coverage for direct loss or damage to covered property such as buildings or business property which leads to the cessation of business operations. It requires that actual physical damage to your premises must occur to trigger a loss of business income and extra expense coverage. Illnesses to people do not constitute loss or damage to covered property. Consequently, there is no coverage for business interruption from COVID-19.

In addition, there are no available coverages in your policy that would provide protection from contingent business interruption or supply chain interruption.

This policyholder notification is not a contract of insurance. It is intended to provide information on your commercial property insurance. It is recommended that you review your policy carefully to determine your rights, duties and obligations. This information is intended to assist you in the review of your policy.

Please contact your insurance agent if you have any questions regarding coverage. We are hopeful that you won’t experience a loss of business income due to this pandemic, but trust you understand our position.

"What is the Replacement Value Endorsement for Coverage C - Personal Property" ?

For an additional premium, we provide coverage under this endorsement subject to the terms contained in the General Policy Provisions. See Replacement Value Endorsement for Coverage C - Personal Property

"Are there premium credits for alarm or fire protection systems?"

Yes, the premium credits range from 2% for smoke alarms up to 10% for a Central Station Reporting System. Contact you agent to add form ML - 216, Premises Alarm or Fire Protection System, edition 6/99.

"Is there a special credit if my home is less than 20 years old?"

Yes, there is a new home discount available to qualifies homes up to 20 years old. The credits are 10% for homes 1-10 years, and 5% for homes 11-20 years.

"Can I add special liability coverage to my Homeowners policy if I own a boat?"

If you own a small watercraft, powered by an outboard motor or combination of outboard motors totaling less than 50 horsepower, there is coverage in your Comprehensive Personal Liability which is included in your policy. If you own a watercraft, powered by an outboard motor or combination of outboard motors totaling more than 50 horsepower or own an inboard or inboard/outboard motor boat, we can attach form ML - 75, Watercraft, edition 6/99 to provide liability coverage. We will need a description of your boat, motor, top speed and horsepower.

"What if I operate a business from my home?"

Coverage under your Homeowners policy for a business exposure is usually excluded. We can provide coverage for most types of business exposures, simply and inexpensively through our new Entrepreneurship Series - Home Based Business.

"Can I purchase added perils for Refrigerated Food Products?"

Yes, we can attach form ML - 305, edition 6/99 which provides up to $500. We cover loss to contents of a freezer or refrigerator unit located in the residence covered under Coverage A/Coverage B as described on the Declarations page. We pay no more than $500. The covered contents must be owned by you. the loss must be caused by in temperature resulting from:

  1. Interruption of electrical service to refrigeration equipment. The interruption must be caused by damage to the generating or transmission equipment.
  2. Mechanical or electrical breakdown of the refrigeration system.

You must maintain the refrigeration equipment in proper working condition. No deductible applies to refrigerate food products.

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Fulmont Mutual Insurance Company
P.O. Box 487, Johnstown, NY 12095-0487

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This web site was developed by Empire Web Pages on June 07, 1997.
This page was most recently updated on June 24, 2018.
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