Louisiana Insurance coverage Commissioner Jim Donelson has introduced that Louisiana Residents, the state’s insurer of final resort, will present a further 30 days of assist after collapsed insurer United Property & Casualty Insurance coverage Firm’s (UPC) insurance policies cancel on March 29 for policyholders and their insurance coverage brokers to safe protection within the personal market or bind a Residents coverage with out shedding protection.
UPC policyholders who don’t discover a new householders coverage earlier than their UPC coverage is canceled will probably be coated by Residents for claims occurring between their cancellation date and the tip of the extension interval offered an agent binds the Residents coverage by that date, the commissioner mentioned.
The extension doesn’t have an effect on individuals who discover a new coverage with an insurer apart from Residents.
UPC policyholders ought to use this additional time to safe protection with a personal insurer earlier than turning to Residents,” Donelon mentioned. “I urge these policyholders to right away contact a number of brokers, together with unbiased brokers, and start purchasing for a brand new coverage.”
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Final week, Donelon introduced that collaborating insurers would obtain credit score towards the Insure Louisiana Incentive Program’s grant necessities for assuming UPC insurance policies. Credit score may even be given to firms that write insurance policies for former UPC policyholders through the 30-day interval following cancellation, the Louisiana Division of Insurance coverage mentioned.
Florida-based UPC, which has about 30,000 Louisiana insurance policies, was placed into liquidation by the Florida Workplace of Insurance coverage Regulation and the Florida judicial system on Feb. 27, after its losses from Hurricane Ian elevated to $1.5 billion. The corporate had beforehand sought to exit its private traces enterprise in Florida, Louisiana, New York and Texas.
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