Buzz Update The 4th insurance company in Louisiana was closed due to Hurricane Ida claims TOU

Buzz Update The 4th insurance company in Louisiana was closed due to Hurricane Ida claims

 TOU

The 4th insurance company in Louisiana was closed due to Hurricane Ida claims

New Orleans, Louisiana: After Hurricane Ida, a fourth insurance company ceased operations after the Louisiana Department of Insurance acquired Lighthouse Property Insurance Corporation last week in a court-ordered receipt.

Also known as Lighthouse Excalibur Insurance Company, the insurance company has approximately 30,000 policies and 16,000 Ida-related claims, covering 3.27 percent of Louisiana’s homeowners’ insurance market.

The state-sponsored Security Net Louisiana Insurance Guarantee Fund (LIGA) guarantees up to $ 500,000 in payments for unpaid claims and up to $ 10,000 for premium refunds to insured insured policyholders.

“It is unfortunate to lose a fourth insurer during the unprecedented 2020 and 2021 hurricane seasons, but I’m proud of how effectively we have managed bankruptcy so far,” state insurance commissioner Jim Donelan said in a statement.

“For the first three failed insurers, we were able to quickly find an insurance company to take over their policies on the same terms and conditions that policyholders have under the failed companies, and I hope we do the same for lighthouse policyholders,” he said. .

The company is now managed by a court-appointed receiver who contacts the policyholders or their insurance agent about the claims and whether the policies that are currently active are transferred to another insurance company.

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