Coral Insurance Company Placed in Receivership - FIGA is now Handling Claims
Florida Insurance Guaranty Association (FIGA) issued the following announcement:
Effective July 26, 2010, Coral Insurance Company (“CIC”) was ordered into receivership for the purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida.
With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) has been activated to help pay outstanding claims for property and casualty policies. The processing and payment of covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap). The maximum amount FIGA will cover is generally $300,000 per claim or $100,000 per unit for condominium and homeowner association claims. An additional $200,000 is available for structure and contents on homeowners’ claims.
FIGA is the state backed system that pays portions of claims against insolvent insurance companies. Since FIGA is statutory, there is a shorter period of time to report and/or file an action with respect to a disputed claim. Pursuant to Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against FIGA for damages from a loss formerly insured by Coral Insurance Company is July 25, 2012.
For more information on claim filing deadlines or refunds of unearned premiums, please visit Alex Sink's website: myfloridacfo.com.
Maybe this is why my insurance company coral insurance company is non renewing my policy. great article.