Governor Cooper extended the current lockdown for the State of North Carolina until May 8th—and then laid out a phased re-opening plan to follow after that. We are grateful for those leaders across the country—in government, in business, and in the non-profit sector—who are taking a cautious, science-based approach to reopening the economy without undue risk to their communities. In that same spirit, we have decided that Redwoods offices will remain closed until at least June 1st—and we will continue to look for the following criteria to make us comfortable enough to re-open our offices:
- A sustained reduction in cases in the state for at least 14 days
- Hospitals in the state are projected to be safely able to treat all patients requiring hospitalization
- The state is able to accurately test all people with COVID-19 symptoms
- The state is able to conduct active monitoring of all confirmed cases
Understandably, our customers want to know how their insurance program will respond to this unprecedented crisis. Will there be coverage for our lost net income? Will we have to pay our premiums on time? Will our premiums be adjusted if we’ve closed our doors? Will our renewal go on as scheduled? All are reasonable, even urgent, questions—and we’ll address them all here.
Every youth-serving organization is under stress right now. Whether you have shut down programming or are operating alternative programming (or both), these changes came swiftly, and severely. You’ve had to make wrenching decisions on staffing, compensation and cash flow—all without knowing how long this awful situation might last. Coronavirus shutdowns are already impacting your financial picture. We can neither stop a pandemic, nor make up for your losses, but—as your risk partner—we can proactively address three aspects of your new operating reality.
First, we are actively reducing customer premiums to match their reduced exposure to loss. We are delighted to report that the premium reduction effort alone has already resulted in more than $1.5M in reductions sent for processing. Please contact your broker or Redwoods staff if you’d like to discuss a reduction in premium.
Read our guide for information on Workers’ Compensation adjustments and employees working from home.
Flexible Payment Plans
We’ll help with your cash flow by providing payment flexibility when needed. Many of you may be experiencing temporary cash shortages. If you need payment flexibility, please reach out to us. We understand you are making hard decisions right now, and we’re here to help. For those who can continue to make full payments, we appreciate it—it will help us to provide maximum flexibility to others.
Policyholder Billing Notice