Weston, UPC Louisiana Policyholders Given 60 Additional Days to Place Policies with Citizens
Insurance Commissioner Jim Donelon announced Tuesday that Louisiana Citizens will provide an additional 60 days after cancellation for insurance agents to place Weston Property & Casualty Insurance Company policies with Citizens while maintaining coverage for policyholders.
Weston, a Florida insurer with about 10,300 Louisiana policies, was placed into liquidation by a Florida court on August 8, and that will cause the cancellation of its Louisiana policies on September 7.
Another Florida-based insurer, United Property & Casualty Insurance Company (UPC), recently had its Financial Stability Rating downgraded by insurance rating agency Demotech. Some UPC policyholders with mortgage-paid policies may receive notice that they will need to find a new insurer or be force-placed by their mortgage company, depending on that mortgage company’s guidelines. Citizens’ 60-day extension will also apply to UPC policyholders in that situation, with the 60-day period beginning on the force-placed coverage notice date.
“I urge Louisiana policyholders who have residential insurance policies with Weston to contact an agent and begin shopping for a new policy in the private market or, if necessary, with Citizens,” said Commissioner Donelon. “UPC policyholders should open any correspondence from their mortgage company in case it contains a notice of force-placed coverage, in which case they should contact their agent immediately or call the LDI at 800-259-5300.”
Source: Louisiana Department of Insurance.
Was this article valuable?
Here are more articles you may enjoy.