To: All Agents
RE: Implementation of Fee Changes
DATE: December 18, 2020
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Effective January 1st, we will be implementing the previously announced billing fee updates. As a reminder, due to increasing costs with our banking and credit card fees, we are proceeding the following fee changes:
Installment Plans
The fee for premium installments is rising modestly from $5 per installment to $6 per installment.
Late Payments
Payments received after the due date will incur a $10 late fee. This late fee is due and payable upon receipt and acceptance of the late payment. Please remember, Loudoun Mutual is under no obligation to accept payments that are received after the due date.
Reinstatement Fees
Policies which are reinstated after being cancelled for nonpayment of premium will incur a “reinstatement fee” of $15. This fee will be in addition to any fees incurred for checks returned from the bank for any reason and the aforementioned Late Payment Fee.
As a mutual insurance company, that exists to serve our policyholders' we don't take the implementation of these fees lightly. Unfortunately, they are necessary to help us cover our increased costs. We are thankful for your understanding and continued support of this change.
Christopher G. Shipe, President/CEO
Loudoun Mutual Insurance Company
