Liquor Liability Policy Refunds Issued to Policyholders Affected by COVID-19
SOUTHBOROUGH, MA (April 21, 2020) — Hospitality Insurance Group recently completed its first round of COVID-19 refunds for liquor liability policies that expired between March 16, 2020 and May 4, 2020. Those policyholders affected are receiving a check for the reimbursement for the number of days closed on their expiring policy. The endorsements have been processed and checks are being mailed out the week of April 20th.
“This is welcomed news for policyholders that could use a little extra cash at this time,” said Richard Welch, Jr., President & CEO of Hospitality Insurance Group. “Overall, we processed almost $90,000 in refunds! We want to provide relief to our policyholders and at the same time make sure they do not worry about losing vital insurance protection for their businesses.”
A second round of COVID-19 refund credits will occur after the reopen dates are determined in each state that the company provides coverage. At that time, Hospitality will process credits for the number of days closed and apply that to the outstanding balance due on the policy. If the policy was paid in full, a refund check will go to the insured or finance company that provided payment. If applying the credit results in an overpayment, the insured or finance company will be mailed a refund check.
Upon seeing the impact that COVID-19 was having on hospitality businesses, the specialty insurer was quick to react to help ease the financial strain the industry is experiencing. Hospitality was one of the first insurance companies to defer billing and hold non-pay cancellations on all policies. As state authorities allowed takeout orders to include alcohol, the company responded by expanding coverage in its liquor liability policy to cover the new exposure.
The company is utilizing its partnerships with restaurant associations to ensure updated information is communicated to both members and policyholders. Hospitality is also maintaining an FAQ (frequently asked questions) section on the front page of its website of current details and news to help policyholders through these difficult times: www.hmic.com.
As the crisis continues, Hospitality will look for additional ways to provide help, and believes the open flow of information among policyholders, agents, independent agency associations and restaurant association partners all working together will better help everyone get through this pandemic and move back to normalcy.
About Hospitality Insurance Group
Hospitality Insurance Group, headquartered in Southborough, Mass., provides commercial property, general liability, liquor liability and excess policies to owners of establishments that serve or sell liquor, including bars, taverns, restaurants, social clubs and liquor stores, as well as caterers and other qualified businesses. Hospitality writes insurance in seven states that include Connecticut, Massachusetts, New Hampshire, North Carolina, Pennsylvania, Rhode Island and Vermont.