Is Grange offering customers any sort of payback regarding its businessowners policy (BOP) customers?
Yes, we will be returning a portion of premium to customers with BOP policies in the form of a 20% payback, or a $25 minimum per month, for the months of April and May based upon the premium that was in effect at the end of March. As a result, all BOP customers will be receiving a check for a minimum of $50 total. We understand the current health crisis has impacted our small business policyholders and this allows us to give back to those customers during this difficult time.
Will all businessowners policy (BOP) customers receive the 20% payback or $50 minimum payment?
Yes, all Grange Insurance BOP policyholders who have policies in force between April 1, 2020, and May 31, 2020 will receive paybacks.
Why are only BOP policyholders and not Contractors/Tradesmen or Package policyholders eligible for the payback?
Brick-and-mortar small business storefronts are the businesses being impacted the most across the country by this pandemic, and due to lower risk for accidents and property damage at their locations, deserve a premium payback. Our BOP product has limited ability to be adjusted to reflect reductions in exposure and to generate premium relief, therefore we are offering this premium payback in BOP only.
What do I need to do to receive the payback?
Nothing. The payback will be granted automatically without any action from you or your agent.
How and when will I receive the payback?
Your payback check will be mailed to your billing address. Most policyholders will receive their check in May. If you are a new policyholder with a policy that became active in April or May, your check will be mailed in June.
If I already paid in full, will I still receive the payback?
Yes, we will issue a payback to all BOP customers, including those who have paid in full.
What if my policy renews in April or May? Do I still get the payback?
Yes. Customers active any time between April 1, 2020, and May 31, 2020 will get 20% of their premium for that month back based upon the premium that was in effect at the end of March.
Does the payback apply to new business customers?
Yes. New business policies that are effective in the months of April or May will qualify for the same 20% payback as current Grange customers. Payback amounts will be based upon the length of time your policy was in effect during the period of April and May. For example, if you purchased a new business policy on May 1, you would be eligible for 20% payback on your May premium. If you purchased a policy on April 1, you would be eligible for 20% payback on both your April and May premiums.
How was my 20% payback calculated?
For current customers, the payback was estimated based on your premium in effect as of March 31, 2020. The amount is approximately 20% of your estimated premium for the months of April and May.
If shelter-in-place orders extend past May, will I continue to receive premium payback?
We’re continuing to monitor the circumstances surrounding COVID-19. While we aren’t certain of how long this health crisis will continue, we will remain flexible as the situation evolves.
Does this payback only apply to April and May premiums?
Yes. The current payback period only covers premiums related to coverage offered for April and May. We will continue to evaluate the situation and issue communications if the situation changes.
I recently received my bill. What amount should I pay?
Please pay the minimum amount due or any amount up to the remaining balance due on your policy. You will receive your payback check separately.
I took advantage of your
temporary non-cancellation policy and did not pay my most recent bill. Will I still receive the payback?
Yes. All customers with active BOP policies will receive a payback check.
What happens if I am unable to pay my April or May bill? Will I still get the 20% payback for April and May?
Yes. Customers who are unable to pay their premium in April or May will still get their paybacks. We are currently evaluating the best process for you to pay the premium that you owe and will let you know the logistics as soon as possible. The payback does not impact your billing cycle (also note the temporary non-cancellation policy.)