The INS Board of Directors authorized the Management of the Costa Rican insurer to extend, for up to four months, the grace periods in the commercial insurance subscribed and those that are subscribed in the next four months.
This is a period during which, without paying the insurance, the insured companies will maintain their coverage, being able to make the payment at a later date.
This gives INS policyholders the possibility of having a greater cash flow and at the same time using that money to move forward, keeping the payroll in its entirety as much as possible, despite the damage caused by the Covid-19 Coronavirus.
“The Insurance Contract Regulatory Law establishes a minimum grace period of 10 days, in this case what we are doing is extending this grace period to customers, remembering that while they make the payment they will maintain the coverage of our policies,” he assured. INS Executive President, Elian Villegas.
Who added, “to make this process effective, the insured companies must approach the INS to start the negotiation and sign the documentation that allows us to carry out the extension process. Important that no interest or surcharges of any kind will be charged. ”
Right now more than 50 thousand companies have their insurance with the INS.
In the agreement, Management is requested to report monthly to the Board of Directors, the number of cases in which this benefit is granted, amount awarded, amounts recovered and control measures implemented for collection.
The grace period will remain in force from its approval and for four months, but it may be extended upon justification by Management.