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CUNA Mutual flood response pause on non-renewals cancellations
MADISON, Wis. (5/20/10)--In response to widespread flooding in Tennessee, CUNA Mutual Group has implemented a moratorium for policyholders there on company-initiated cancellations and non-renewals of any in-force insurance policies due to non-payment of premium. “People are enduring severe hardships due to the record-setting floods in Tennessee. CUNA Mutual will stand by its credit union customers and help them through this disaster,” said Jeff Post, president/CEO of CUNA Mutual. The moratorium is in place for a minimum of 90 days. It applies to all policyholders of in-force policies underwritten by CUNA Mutual in Tennessee. Policyholders statewide--not just those located within federally declared disaster areas--are covered by the moratorium, said CUNA Mutual. CUNA Mutual is waiving all penalties and fees for the late payment of premiums during the moratorium. It has imposed a minimum 90-day grace period for other provisions within the covered policyholders’ insurance policy that impose specific time limits on the insured or claimants and that would otherwise expire during the moratorium period. “It has always been CUNA Mutual’s policy to step forward and provide aid to our customers in the face of natural disaster," said Alastair Shore, chief underwriter at CUNA Mutual. "People have been displaced from their homes and their jobs by this flooding. Some have even lost family members or friends. As a company built on the principles of cooperation, we’re committed to helping our customers get their lives back." CUNA Mutual said it reserves the right to cancel or non-renew policies for causes other than nonpayment of premium. New policies will be required to pay premium at inception, or as otherwise required. Policyholders with questions about how the moratorium applies to them, or other questions relating to the moratorium announcement, can contact CUNA Mutual toll-free at 800-637-2676. More information on the company is available on the company’s website. Also, the state of Tennessee has provided information for Tennessee residents, including: FEMA, at 800-621-FEMA or www.fema.gov, or visit www.disasterassistance.gov, and the Division of Insurance, at 800-342-4029 or e-mail CIS.complaints@tn.gov.
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