Essential Information:
- Weston Insurance has been declared insolvent by Florida regulators and will cancel all policies effective September 7.
- Weston issued a significant number of windstorm policies in Texas coastal counties.
- TWIA has a team prepared to assist agents making applications for affected policyholders through our normal processes for windstorm coverage.
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Greetings:
Weston Property & Casualty Insurance Company was put into receivership for liquidation by the Florida Office of Insurance Regulation on August 8. Policies currently insured by Weston, including those in Texas, will be canceled effective September 7.
We understand that Weston issued thousands of policies for windstorm insurance in TWIA's coverage area, including policies transferred from TWIA to Weston through our Depopulation programs. While other private carriers are still issuing policies on the Texas coast, we expect many of those losing their Weston coverage will seek coverage through TWIA.
We recognize that the timing of these cancelations is concerning as we enter peak hurricane season in Texas. TWIA is committed to working with agents and Weston policyholders who meet TWIA's eligibility requirements to help them obtain windstorm coverage as quickly as possible.
Earlier today, we sent an Agent Bulletin to all insurance agents registered with TWIA to update them on this situation and provide information on how to get TWIA coverage for their clients. In anticipation of a large number of applications for TWIA coverage, we are redirecting resources and personnel to help insurance agents whose clients are losing their Weston windstorm coverage.
We expect to send additional details to insurance agents and other TWIA stakeholders in the coming days. We believe that TWIA's existing processes will allow coastal residents affected by this issue to get the TWIA coverage they need.
Should you have any questions, please contact me at DDurden@twia.org or (512) 505-2255.
Sincerely,
David Durden
Vice President, Legal & Compliance
Texas Windstorm Insurance Association
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