Louisiana grants extension to UPC policyholders

Louisiana grants extension to UPC policyholders

Louisiana Insurance Commissioner Jim Donelson announced that Louisiana citizens, the state’s insurer of last resort, will provide an additional 30 days of support after rescinding collapsed United Property and Casualty Insurance (UPC) policies on March 29 for policyholders and their insurance agents. . Secure coverage in your market link or citizens policy without losing coverage.

The commissioner said UPC policyholders who do not find a new homeowners policy before their UPC policy is canceled will be covered by Citizens for claims that occur between the date of cancellation and the end of the extension period provided the agent adheres to the Citizens policy by that date.

The extension does not affect people who find a new policy with a non-citizen insurance company.

UPC policyholders should use this additional time to secure coverage with a private insurance company before turning to Citizens,” Donelon said. “I urge such policyholders to immediately contact several dealerships, including independent ones, and start shopping around for a new policy.” .”

read the following: UPC lays off employees, insurance company “on the brink” of failure – Triple I

Last week, Donelon announced that participating insurers will receive credit toward the Insure Louisiana Incentive Program’s award requirements for undertaking UPC policies. The Louisiana Department of Insurance said the credit will also be given to companies that write policies for former UPC policyholders within the 30-day period after the revocation.

Florida-based UPC, which has about 30,000 Louisiana policies, was put into liquidation by the Florida Bureau of Insurance Regulation and the Florida Judicial System on Feb. 27, after it increased its losses from Hurricane Ian to $1.5 billion. The company had previously sought to exit its personal businesses in Florida, Louisiana, New York and Texas.

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