To support businesses during this challenging time, Pinnacol committed to keeping policies active by holding cancellations for non-payment since March 23. The Colorado Division of Insurance also issued a hold on policy cancellations because of non-payment until further notice. When the Division’s hold is rescinded, we’ll resume normal cancellation activity.
For customers with overdue premiums and at risk of cancellation when our normal cancellation processes resume, we’re planning to move their outstanding balances to be equally split between their future installments. We’ll send these customers an email to let them know about this change to their policy.
For customers for whom we’re not able to proactively update their payment schedule, we’ll email them a reminder that our normal cancellation processes will resume soon and encourage them to contact us to make a payment for their overdue premium.
We’ll copy you on these emails, so you have a line of sight when emailing these customers. We’re also planning to call customers who missed a payment once they started receiving e-invoices, in case they don’t know they have an outstanding balance.
Thank you for your support as we seek to assist our customers in keeping their policies active when our normal cancellation processes resume. If, during this process, you have customers whose operations have changed or they need to adjust their payroll, please let your Pinnacol underwriter know.