What happens if I miss a premium payment?
Most carriers send a Notice of Cancellation (NOC) some number of days after a missed payment — exact timing varies by state and policy form. NY commercial property/casualty cancellation notices typically run 15–30 days advance notice depending on policy type. If payment isn't received before the cancellation effective date, the policy lapses. A lapse:
- Voids coverage as of the cancellation date — claims for events after the cancellation date won't be paid.
- Damages your insurance record — most underwriting applications ask about prior cancellations and a lapse can result in higher rates and fewer carrier options on the next placement.
- May require a "no known losses" letter to reinstate, and reinstatement isn't guaranteed.
If you're going to miss a payment, contact us before the NOC date — many carriers offer payment plans, deferral arrangements, or alternative arrangements that avoid the lapse.
- Category
- Billing & Claims
- Audience
- All audiences
- Topic
- General
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