Harford Mutual Insurance plans to double its annual charitable community support in response to the COVID-19 pandemic. Here are the details provided:
Harford Mutual Commits $250,000 to Community Relief and $1.3 million for Policyholder Relief
Harford Mutual Insurance announced it was doubling its annual charitable community support to $500,000 in the wake of the COVID-19 pandemic. The 178-year-old commercial property and casualty insurer already reaffirmed its scheduled 2020 give of more than $250,000 to their non-profit partners, independent of any decision they might need to make to comply with pandemic-related restrictions. Harford Mutual committed an additional $250,000 to be directed to COVID-19 related relief agencies and organizations with identified need: $50,000 to the University of Maryland Upper Chesapeake Health Foundation COVID-19 Fund; $100,000 to local first responders across the 9 states and District of Columbia where they write business; and another $100,000 to local Harford County non-profits that are addressing the specific areas of food insecurity; mental health, addiction, and domestic violence; and access to technology—areas of need exacerbated by the pandemic situation.
“We felt it was important to give our non-profit partners peace of mind as they faced the sudden impact of the COVID-19 pandemic and were forced to navigate its implications to funding and resources,” says President and CEO Steve Linkous.
In addition to its commitment to assist organizations that support the communities where its employees and agents live and work, Harford Mutual acted to protect its employees and provide financial relief and benefit to its policyholders. Harford Mutual took swift action, prior to the statewide mandate to telecommute where possible, to deploy its 170 employees remotely and remain fully operational without any job loss. Additional steps were taken to help secure its employees’ financial footing in the event of pandemic impact to a family member.
For policyholders, Harford Mutual suspended all cancellation and non-renewal of coverage due to non-payment beginning in April through June 1, 2020, and will not charge interest, late fees, or penalties during this time period providing policyholders extra time to pay their premiums without risking cancellation. For commercial auto policyholders experiencing reduced driving with mandated work and travel limitations, Harford Mutual is providing premium relief of 20% off two months’ premiums amounting to approximately $1.3 million in credits. When requested, Harford Mutual is lowering premiums mid-term by adjusting payrolls and receipts on workers’ compensation and general liability policies to recognize the revenue decreases some commercial policyholders are experiencing.
“We know these are unprecedented times for many of our businessowner policyholders,” says Senior Vice President Jeff Rink. “We are looking for ways to prudently provide financial relief while we continue to deliver the protection and service levels they’ve come to rely on.”
Harford Mutual Insurance was founded in 1842 on the principles of mutuality. By supporting its employees, its policyholders, and the community during this difficult time, Harford Mutual demonstrates its commitment to those founding principles and looks to remain a contributing service provider for years to come.