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Chad504boy
4 posts
Member since Feb 2005
154763 posts
 Online 

Southern Fidelity Ins Co to be placed into liquidation

Another one biting the dust. NOC's to be sent out almost immediately.

quote:

The Florida Department of Insurance has asked the court to place Southern Fidelity Insurance Company into liquidation.

Louisiana Insurance Commissioner, Jim Donelon, confirmed during his speech at the IIABL Convention that the Florida Department, who controls the Southern Fidelity receivership because the company is domiciled in their state, was unable to reach an agreement on any kind of runoff or soft landing for Southern Fidelity policyholders.

When the court approves the order of liquidation, the receiver will send out 30 day Notice of Cancellation, and agents will have 30 days to replace those policies.

Southern Fidelity has approximately 43,000 policies in Louisiana.



lgtiger
LSU Fan
LA
Member since May 2005
937 posts

They still owe me some $$

Guess I'm screwed


Tiger Prawn
Member since Dec 2016
19803 posts
 Online 

The state’s insolvency fund LIGA would handle the outstanding claims


MrLSU
Harvard Fan
Paris, Lake Como, Monaco, Marrero
Member since Jan 2004
21692 posts

We are going to see a number of others fold and/or just pull out.


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LSURep864
Idaho Fan
Moscow, Idaho
Member since Nov 2007
10383 posts

So uhh, someone explain like I'm 5 here.

My current homeowner's policy is with Southern Fidelity.

Am I now not covered? Should I be calling my broker like yesterday to shop me around?

My damn escrow payment just went to these clowns a few weeks ago.

Any action plan for me?

I'm in SC not Louisiana.
This post was edited on 6/16 at 12:35 pm


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
30671 posts

Do you have a link? About to call my agent


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Chad504boy
4 posts
Member since Feb 2005
154763 posts
 Online 

quote:

My current homeowner's policy is with Southern Fidelity. Am I now not covered? Should I be calling my broker like yesterday to shop me around?


You have coverage until date of cancellation on letter.

Email agent and ask to re-market at his earliest convenience


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PUB
LSU Fan
New Orleans
Member since Sep 2017
12976 posts

Right at the start of Hurricane season too
Cancellations effective July 15
This post was edited on 6/16 at 6:41 pm


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lgtiger
LSU Fan
LA
Member since May 2005
937 posts

Anyone ever deal with LIGA ? I'm wondering if they are as slow as the Insurance companies.


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rocksteady
Member since Sep 2013
695 posts

I believe you need to shop a new policy and send declarations to escrow/loan ops at mortgage company so they pay it. Then hope southern fidelity refunds you so your escrow account isn’t boner’d


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