This has been an extremely distressing and stressful time for us all and we are acutely aware of how severe the impact of this pandemic has been for all our Members. We have been working hard to be able to assist you and to answer your requests for payment holidays while many of you have businesses which have closed and all have cashflow problems.
AIM wants to do all we can to assist our Members.
Those who have paid their contribution in full as one payment are being contacted separately.
For those Members who make monthly payments, we are offering a 3 month holiday break from payments for the period 1st May to end July 2020. During this period, we will not expect you to make the usual monthly payment, and will allow until 30th September 2020 for these payments to be paid. Your cover will continue. If however you have any claims during this period (liability or property), we will need to receive payment in full for any missed months before being able to handle any claim for you. If you are unable to make the payments by the 30th September 2020, please contact us. If payments cannot be made up then we may have to cancel your cover. If you do not want to have the payment holiday, please let us know immediately, otherwise we will not take any monies for these three specified months.
Alternatively if you are not able to carry out any activities, and only have Public Liability cover, you may prefer to pause your cover for a 3 month period until 31st July 2020, or until you are able to resume activities if earlier or later. During this period, we would not seek any contributions from you if you have requested a pause in your cover but there would not be any cover in place during this time. You will need to advise us as soon as you are able to recommence activities so we can ensure you have the correct cover in place.
Property and Employers’ Liability covers continue and we recommend to Members that you keep these covers in place. These contributions will still be due, but are included in the payment holiday as above.
In addition we wish to reassure Members that we have been in correspondence with the Mutual’s backing insurers regarding the Business Interruption wording and whether or not cover will be afforded by the insurer. Those discussions continue and whilst the current position remains that it is unlikely that cover will be available, we are reserving our position with them. We will update Members with any developments, albeit this may take some time.