Essential Information:
- Weston Insurance has been declared insolvent by Florida regulators and will cancel all policies effective September 7.
- Weston wrote 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.
|
Dear Agent,
Weston Property & Casualty Insurance Company was put into receivership for liquidation on August 8. Policies currently insured by Weston, including those in Texas, will be canceled effective September 7.
We realize the timing of these cancelations may be 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.
Here are a few important things to know as you apply for TWIA coverage on behalf of your clients whose Weston policies are being canceled.
- Declination Requirements: Weston policyholders are deemed to have been denied coverage by a private market carrier because of the cancellation of their coverage. No additional declination is required.
- Windstorm Certification Requirements: Properties must be in an insurable condition and certified by the Texas Department of Insurance as having been built to applicable building codes, with limited exceptions. You can find information about windstorm Certificates of Compliance on TDI’s website.
- Flood Insurance: Property owners in some areas are required to have flood insurance to be eligible for TWIA coverage. There is more information on flood insurance requirements on TWIA’s website.
- Other Windstorm Coverage Options: Weston policyholders seeking windstorm coverage may have other options besides TWIA and can explore their options on the Texas Department of Insurance’s HelpInsure website.
We will be sending you additional information in the next few days as you work with your clients who are affected by this issue. You can learn more about TWIA’s application process for agents on our online Agent Training Center.
TWIA Policy Services is offering additional information and help for agents assisting policyholders in this transition. You can contact TWIA’s Weston Policy Support Team at (800) 231-5360 or agentservices@twia.org.
Sincerely,
Texas Windstorm Insurance Association |
