If you insure your commercial vehicle with NJM, you’re in luck. And due a small refund.
On Monday, NJM announced it is returning a portion of premiums to policyholders through the NJM Policyholder Relief Program. Commercial auto customers will receive the equivalent of 15% of two months of their annual insurance premium, in recognition of reduced driving related to the pandemic. In total, the company will return $1.9 million in premiums.
Policyholders do not need to call to enroll in this program and, in the upcoming weeks, the refund will be made by check or a credit to the policyholder’s bank, depending on how they currently pay.
NJM officials say it is their latest effort to assist policyholders impacted by the pandemic.
The company will send the refunds to approximately 9,900 commercial auto policyholders, totaling $1.9 million in returned premium. Over the past several months, the company has worked with its business insurance customers to implement payment plans and policy modifications for those affected by COVID-19.
NJM CEO Mitch Livingston said the refund aligns with how the company operates.
“NJM operates in a mutual fashion, so this relief aligns with one of our core values — operating for the exclusive benefit of our policyholders,” he said. “Our commitment to policyholders has set NJM apart for over a century, and it is especially important in this new economic reality.”
Arjay Pedalino, NJM vice president of commercial lines, said he is happy NJM can help companies during this difficult time.
“This refund recognizes the unprecedented challenges many of our policyholders have faced this year, including reductions in business operations,” he said. “While the country rebuilds and recovers, rest assured that NJM will continue working on behalf of its policyholders.”
The NJM Policyholder Relief Program was created to help provide premium assistance for NJM policyholders affected by the COVID-19 pandemic. In May and July, the NJM Policyholder Relief Program refunded a total of $69.4 million to personal auto policyholders.
NJM, which is headquartered in West Trenton, employs nearly 2,500 workers.