Commissioner of Insurance State of Louisiana Jim Donelon
Insurance Commissioner Jim Donelon announces policyholders with Lighthouse Excalibur, Maison and Southern Fidelity can be insured by Louisiana Citizens for 60 days after they are cancelled by their current insurance provider. Donelon says failed insurers Lighthouse Excalibur and Maison will cancel its Louisiana policies on June 30th, but these policyholders will have coverage through July and August as long as they bind a policy with Citizens by August 28.
“The wolf is away from the door if you will, for the policyholder struggling to get coverage as we go into the hurricane season,” said Donelon.
Louisiana Citizens can also provide coverage for 60 days for Southern Fidelity policyholders who see their current coverage canceled on July 15th, as long as those policyholders bind a policy with Citizens by September 13. He says this change was made to provide more time for Louisiana insurance agents to help policyholders find coverage.
“For those 60 days you have that available to you, retroactive for coverage, back to the day of your cancellation, depending on which company you were with June 30th or July 15th,” said Donelon.
Donelon also announced Lighthouse policies were set to cancel on Wednesday, but the company will now provide coverage until June 30th. Lighthouse Excalibur has about 30,000 policies in Louisiana and Maison and Southern Fidelity have thousands more. He says it will not be easy for these canceled policyholders to find insurance through the private market and they’ll likely have to rely on Louisiana Citizens, the insurer of last resort for the time being.
“We will have options available for those folks in my opinion, more so by the end of the year then exist at the present time,” said Donelon.
Comments