Coronavirus (COVID-19) Update – CGU introduces support measures for customers impacted by coronavirus

By March 27, 2020Insurance, News

Update From CGU

Dear Valued Partner,

CGU introduces support measures for customers impacted by coronavirus

CGU is pleased to announce a series of measures to support current customers as the coronavirus (COVID-19) continues to spread, and impact families, communities and businesses.

The key measures which apply are:

  • Deferred premium payments for up to six months for small businesses experiencing financial hardships; and
  • Small businesses which need to close premises due to the impact of COVID-19 can maintain full insurance cover on the premises with no changes to premium

We have also employed additional people to bolster our ability to respond to your & your customer’s needs quickly and efficiently.

Deferral of premium payments for up to six months

  • We are offering all small business customers the option to defer payment of their annual or monthly premium for up to six months.
  • This means they will continue to be covered by their existing insurance policy without needing to pay their annual or monthly premiums now.
  • If they do need to make a claim during this time, the cost of their premium will be taken as part of their claims cost.
  • This offer applies to all eligible small business customers – excluding workers’ compensation policies.
  • This is available until 30 September 2020. We will reassess this as needed.
  • For small business customers to take up this offer it will require you to do the following:

–  For annual payments – extend your credit terms to small businesses experiencing hardship for up to six months from policy inception. Remit payment to us as soon as reasonably practicable thereafter. We will adapt our credit control policy and procedures to accommodate these payments outside of your standard credit term arrangements with us.

– For monthly payments – contact our Premium Administration team on 1300 766 724 to make arrangements for deferral of monthly premium payments.

  • This is available to small businesses with an annual turnover of less than $50 million and / or a sum-insured asset value definition of up to $10 million.

Small businesses which need to close premises due to the impact of COVID-19 can maintain cover on the premises with no changes to premium 

  • Most insurance cover for business premises relies upon occupancy. Vacant premises are higher risk and typically attract higher premiums.
  • We understand that some small business sites won’t be occupied at this time due to COVID-19, so we will provide existing customers full cover on the premises with no changes to premium or excess.
  • This is available until 30 June 2020.
  • This is available to businesses with an annual turnover of less than $50 million and / or a sum-insured asset value of up to $10 million.

If you have any questions, or would like to discuss further, please reach out to me or your Account Partner.

Regards,
Brad Robson
Executive Manager Broker & Agency