Southern Farm Bureau® Casualty Insurance Company Unveils Coronavirus Customer Assistance Program
Policyholders receive $30 million one-time credit, community food banks receive $2.3 million donation
Ridgeland, MS – April 16, 2020 – Southern Farm Bureau Casualty Insurance Company, a leading provider of property and casualty insurance in Arkansas, Colorado, Florida, Louisiana, Mississippi, and South Carolina, is offering a variety of financial assistance measures in response to unexpected hardships for their customers and the communities they serve due to the coronavirus (COVID-19) outbreak—including a one-time estimated premium credit of $30 million to policyholders, and donation of $2.3 million to local food banks across their six state footprint.
One-Time Premium Credit
The Farm Bureau Insurance companies are distributing a one-time credit to all personal auto policyholders. This special credit is based on 15 percent of two months auto premium paid for each vehicle covered—an estimated value of about $30 million. No action needs to be taken by the customer to receive this special assistance. The Farm Bureau Insurance companies will simply credit their customers’ next invoice after the program begins.
Feeding Families
Farm Bureau’s founding mission is to feed and support the families that put food on our tables. In an effort to hold true to the core values of their organizations by providing relief to their communities in a time of need, Southern Farm Bureau Casualty Insurance Company, along with the Farm Bureau Insurance companies in Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina, have jointly decided to donate $2.3 million to local food banks across their six-state footprint.
Additional Payment Accommodations
In addition, as of April 8, fees charged for insufficient funds whether returned checks or electronic funds transfers, will be waived for all insureds, and any premium adjustments made based on the number of insufficient funds will be waived until September 1, 2020.
Other options being offered to insureds on a case-by-case basis include:
- Extending due dates to allow their customer to make a partial payment
- Adjusting an individual’s payment schedule based on their current budget so that the insured can keep coverage in force
- Adjusting the billing dates to allow for flexibility in making payments
Customers are allowed to make payments of multiple payment types (cash, check, credit card) and that will continue to be available. EFT also continues to be available for eligible accounts.
About Southern Farm Bureau® Casualty Insurance Company
Southern Farm Bureau® Casualty Insurance Company (SFBCIC) is a multi-line regional property and casualty insurance company established to provide quality service and competitive rates for our policyholders. Supported by their conservative leadership’s commitment to solid growth and investment. SFBCIC is one of the largest property and casualty insurance companies in the country, with operations in Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina.