A leading industry insurer, Lancer Insurance Company, has announced plans to allow its policyholders to simply and quickly suspend inactive vehicles and their associated liability insurance premiums from their current policy.
Effective immediately, Lancer Insurance Company has implemented a plan to help its policyholders manage their unprecedented loss of business caused by the coronavirus. As policyholders’ revenue sources are temporarily reduced or, in some cases completely eliminated, Lancer understands the critical need to help its policyholders immediately reduce and/or defer expenses in every way possible.
According to Timothy H. Delaney, Lancer’s Senior Vice President of Passenger Transportation, “For the Delaney Family and everyone at Lancer, this was a simple decision. Over the last 35 years, we have worked with our agents, brokers and policyholders to get through a wide range of unforeseen challenges…natural disasters, terrorist attacks and a national recession.” He said. “This Coronavirus crisis is very different in its velocity and potential impact to our customers, but our response this time will be no different. We will do everything we can to help our customers and friends get through this.”
Specifically, the Lancer plan will allow its policyholders to simply and quickly suspend inactive vehicles and their associated liability insurance premiums from their current Lancer policy.
Lancer will also work with each policyholder’s agent or broker to adjust and/or defer premium installments until the crisis passes.
“Lancer Insurance Company and the Delaney Family have a rich history of being there when the industry needs them,” said Ken Presley, UMA Vice President, Legislative & Regulatory Affairs & Industry Relations/COO. “UMA thanks them for their leadership and responsiveness during this very difficult time for the industry.”
More details of the plan will be shared directly with Lancer’s agents, brokers and policyholders in the coming week.