CALABASAS, CA / ACCESSWIRE / April 8, 2020 / Unico American Corporation (NASDAQ:UNAM) ("Unico," the "Company"), announced today that in response to the forced closure of so many small businesses due to the Covid-19 situation in California, Unico's general agency subsidiary, Unifax Insurance System, Inc. ("Unifax"), is now offering a low-cost, basic-coverage, Suspended Operations insurance product.
"The goal here is to help people, particularly by responding to their current situations and to their rapidly-changing insurance needs," said Cary Cheldin, President of Unifax. "For the average restaurant or bar/tavern owners, these policies cost only a small fraction, about 75% less than that of traditional prices, and exclude coverage for perils typically not experienced while operations are suspended. When the businesses are ready to resume operations, the policies can be endorsed midterm to convert them into more traditional policies with more traditional coverages and terms, pro-rata."
According to Cheldin, "We can also customize this product for those businesses that have had to drastically change but not suspend their operations. Unifax has access to both admitted and non-admitted companies in California, and while the admitted companies might have other options that were not designed with Covid19 in mind, admitted companies are prohibited from modifying their coverages or rates without the prior approval of California's Insurance Department, a process that usually takes many months. Because this is underwritten by a non-admitted, A-rated company, it is better positioned to more quickly offer terms that match each applicant's unique situation."
Cheldin emphasized, "In light of the severe impact that Covid19 is having on our customers and on our community as a whole, offering innovative products to address real-world concerns seems to us to be the right thing to do. We want to help people who could really use some help right now."
About Unico:
Headquartered in Calabasas, California, Unico is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unifax is a wholly-owned subsidiary of Unico, licensed to transact insurance in California since 1972. Unico is publicly owned and traded on the Nasdaq Global Market under the symbol UNAM.
CONTACT:
Cary L. Cheldin
Chief Executive Officer
818-591-9800
SOURCE: Unico American Corporation
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https://www.accesswire.com/584520/Unico-American-Corporation-Announces-Covid-19-Suspended-Operations-Insurance
