How many days before an insurer can cancel a Commercial Policy for non-payment?

In New Jersey, an insurer is required to provide a notice of cancellation for non-payment of premium at least 15 days before the cancellation becomes effective. This regulation is intended to give policyholders a fair opportunity to remedy the non-payment issue and maintain their coverage.

The 15-day notice period is significant because it serves to protect consumers from sudden loss of insurance coverage, allowing them some time to make necessary payments or arrange for other coverage options. This requirement is part of the state's broader consumer protection laws, which aim to ensure that policyholders are treated fairly in the event of payment issues.

While other notice periods such as 5, 10, and 30 days may exist for different contexts or types of policies, the specific requirement for commercial policies regarding non-payment of premiums is firmly set at 15 days in New Jersey.