Hollywood-based home insurer place in receivership

By Palm Beach Business.com

TALLAHASSEE — A Leon County Circuit Court judge has ordered the Hollywood-based Coral Insurance Co. into receivership effective Thursday.

The Department of Financial Services has been named as the receiver.

Coral Insurance has about 11,750 homeowner policyholders, and has reached an agreement with Security First Insurance Co. and the MacNeill Group Inc. to provide replacement coverage to policyholders.

Homeowners with homes valued at less than $1 million will have the option to get coverage with Security First, while homeowners with homes valued at $1 million or more will have the option of coverage with the MacNeill Group. State regulators are urging Coral Insurance policyholders contact their agents to discuss coverage options.

“Our top priority is to help make the coverage transition for policyholders as smooth as possible for Floridians,” Florida Chief Financial Officer Alex Sink said. “I urge all Coral Insurance policyholders to contact their agents and determine the best option as this transition takes place.”

Coral Insurance agreed tp the move. The company stopped writing new coverage in early March and stopped writing renewal coverage after March 29.

Questions regarding Coral policy and coverage issues should be directed to the Coral Insurance at 1-800-875-8330, option 4. Claim issues should be directed to Coral Insurance at 1-866-478-2379.

For any other questions, consumers can call the Florida Department of Financial Services at 1-800-882-3054.  The rehabilitation order and other related information can be found at http://www.myfloridacfo.com/Receiver/.

palm beach business.com
APRIL 9, 2009 click to go home
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