To:
All Agents
RE:
2020 Fee Changes
DATE:
November 26, 2019
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Below, please find the information that will be mailed to our policyholders with their bills, beginning with bills due 1/1/2020:
As a mutual insurance company which exists to serve our policyholders, we have refrained from increasing our current fees or adding new fees for many years. Unfortunately, due to increasing costs, particularly our banking and credit card fees, we are implementing the following changes effective January 1, 2020:
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
Effective January 1, 2020, 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.
Thank you for your understanding and we appreciate your continued support.
Christopher G. Shipe, President/CEO
Loudoun Mutual Insurance Company
