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Southern Fidelity Ins Co to be placed into liquidation
Posted on 6/16/22 at 10:29 am
Posted on 6/16/22 at 10:29 am
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.
4
Posted on 6/16/22 at 11:49 am to Chad504boy
They still owe me some $$
Guess I'm screwed
Guess I'm screwed
Posted on 6/16/22 at 11:50 am to lgtiger
The state’s insolvency fund LIGA would handle the outstanding claims
Posted on 6/16/22 at 11:58 am to Tiger Prawn
We are going to see a number of others fold and/or just pull out.
Posted on 6/16/22 at 12:34 pm to Chad504boy
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.
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 6/16/22 at 12:35 pm
Posted on 6/16/22 at 12:35 pm to Chad504boy
Do you have a link? About to call my agent
Posted on 6/16/22 at 1:22 pm to LSURep864
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
Posted on 6/16/22 at 1:34 pm to Chad504boy
Right at the start of Hurricane season too
Cancellations effective July 15
Cancellations effective July 15
This post was edited on 6/16/22 at 6:41 pm
Posted on 7/4/22 at 1:13 pm to Tiger Prawn
Anyone ever deal with LIGA ? I'm wondering if they are as slow as the Insurance companies.
Posted on 7/4/22 at 6:49 pm to LSURep864
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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