On March 25, the Oregon Department of Consumer and Business Services sent out an emergency order to help individuals and businesses struggling financially because of the COVID-19 pandemic.
The order mandates that insurance companies take the following steps to help:
- Postpone policy cancellations for nonpayment
- Postpone nonrenewals
- Provide an extension of grace periods for payment of premiums
- Extend deadlines for filing claims
The order also prohibits cancellation of a policy because of a claim related to COVID-19, except in cases of fraud or intentional misrepresentation. The order does not apply to any policies that were cancelled or not renewed prior to March 17, 2020.
This may help some of those who need relief and ongoing insurance coverage during the crisis. However, it is important to note the order does not change any applicable statutes of limitations.
As insurance companies may have many questions about this order, the Division of Financial Regulation has a list of frequently asked questions that will be regularly updated. Insurers and stakeholders can also email the division with other questions.
Contact Rizk Law to Discuss Problems with Your Insurance Claim
The experienced Portland insurance claims lawyers at Rizk Law have helped many policyholders recover fair compensation for their damages. We understand the tricks insurance companies often use to try to avoid paying out fair compensation for legitimate claims.
We are prepared to assist with business interruption insurance claims if your business operations have been interrupted because of the COVID-19 pandemic.
The consultation is free and comes with no obligation to take legal action. We can be reached by phone, live chat or online case form.
