Chubb understands that many of our policyholders have been severely impacted by the events surrounding the novel coronavirus, and we are committed to working with them to make accommodations based on their specific situations. Our number one priority is to help our clients minimize any disruption. During these uncertain times, we will be looking for ways to accommodate our insureds in alignment with guidance provided by state regulators.
For our commercial clients, Chubb will commence a voluntary 60-day hold on cancellation and nonrenewal notices for all of its US and Canada insureds that advise they cannot pay their premiums due to events related to coronavirus except where a longer period may be required by regulatory order. We will continue to bill premiums but will not cancel for non-payment and no late fees will be assessed during this hold. The hold will commence on March 23, 2020. Commercial insureds may contact us directly or reach out to their brokers and agents to let us know that they will be requesting this accommodation.
In all cases, we will make sure that, in compliance with all applicable regulatory guidance, we are providing accommodations to our insureds where we are required to do so.
Chubb believes insurance companies, agents and brokers are needed more than ever, and we remain available to provide the same level of service and care our clients and partners have come to expect.