To: All The Service Insurance Company[1] (NAIC # 28240) Surety Bond Policyholders, including but not limited to: Performance Bonds, Payment Bonds, Probate, Estate and Guardianship Bonds, Commercial Bonds, License Bonds, Subdivision Bonds and all other Surety Bonds.
Subject: Premium Grace Period During COVID-19
If a Service Insurance Company surety bond policyholder (a/k/a Principal) is experiencing financial hardship as a result of the COVID-19 pandemic, they may be entitled to an extension to pay premium without a late fee through July 31st, 2020.
If a surety bond policyholder requires an extension, Service Insurance will not impose any late fees or report them to a credit reporting or debt collection agency during the grace the period. Late payments will not be considered in determining rates for any future surety bond policy. The policyholder also has the option to pay unpaid premium in up to twelve monthly installments.
Service Insurance surety bond policyholders may contact us directly to discuss other billing options and/or alternative payment arrangements. To do so, policyholders should contact a Service Insurance Company team member at 1-888-266-3329, Ext. 101, 9 a.m. to 5 p.m. Eastern Time, Monday through Friday, to speak with a representative.
In order for a surety bond policyholder to request an extension of premium payment, they should send an email to mcerqueira@serviceinsurancecompany.com with one of the following responses:
Option One:
Re Bond Number: _________
I hereby attest that I am experiencing financial hardship related to COVID-19 and would like to request:
- a premium payment extension until July 31st, 2020.
I understand by doing so that I am contractually committed to pay all unpaid premium and I am still bound by the terms of the General Indemnity Agreement. Contractor clients for performance and payment bonds are expected to pay billed but unpaid premium when they receive payment from the Obligee.
Option Two:
Re Bond Number: _________
I hereby attest that I am experiencing financial hardship related to COVID-19 and would like to request:
- to pay the unpaid premium amount in _____ (up to twelve) monthly installments.
I understand by doing so that I am contractually committed to pay all unpaid premium and I am still bound by the terms of the General Indemnity Agreement. Contractor clients for performance and payment bonds are expected to pay billed but unpaid premium when they receive payment from the Obligee.
[1] DBA Service Guarantee and Surety in AL, DE, FL, NC, SC, VA and the District of Columbia. www.serviceinsurancecompany.com