Helping Clients and Finding New Opportunities in Coronavirus Changes

TODD E. KISER TODD E. KISER Insurance Commissioner BULLETIN 2020-4 State Office Building Suite 3110, Salt Lake City, UT 84114-6901 ♦ (801) 538-3800 ♦ Facsimile (801) 538-3829 ♦ www.insurance.utah.gov State of Utah GARY R. HERBERT Governor SPENCER COX Lieutenant Governor Insurance Department To: All property and casualty insurers, brokers, and agents From: Todd E. Kiser, Utah Insurance Commissioner Date: April 2, 2020 Subject: Helping Clients and Finding New Opportunities in Coronavirus Changes The Insurance Department hears every day about scaled-back or shuttered business operations that have resulted from the coronavirus. We are sensitive to the misfortunes of those businesses and will act where we can to assist them. We have also seen many insurers recognizing opportunities to offer additional coverage benefits where benefits were not previously afforded. Today's slowed business climate provides insurers with opportunities to serve their policyholders in unique ways. Where premium is based on payroll, sales, or other projections that don't reflect actual performance, insurers are encouraged to adjust premiums when possible. Where premium is based on operations that have ceased, the same opportunity is available. Where businesses have adapted their operations to meet the new coronavirus reality, curbside pick-up and product delivery being examples, insurers should consider offering additional coverage options in an effort to support those new operations. Insurers are encouraged to pursue these opportunities where available. The slowed business climate also provides producers and brokers with opportunities to serve. Clients will be better off if their insurance professionals candidly evaluate and discuss the need for changes in coverage due to the coronavirus. Producers and brokers are encouraged to initiate those discussions. We can weather these trying times together by working to maintain insurers' economic stability while supporting the businesses that they insure. DATED this 2nd day of April 2020. ________________________________ Todd E. Kiser Insurance Commissioner