57,000 Fla. customers of liquidated Vanguard given policy options

April 9, 2007

Leon County (Florida) Circuit Court Judge Terry P. Lewis approved an order on March 27 allowing Royal Palm Insurance Co. and Security First Insurance Co. to offer new coverage to the 57,000 homeowner policyholders currently with Maitland-based Vanguard Fire & Casualty Co.

The order followed one Judge Lewis signed a week earlier naming the Department of Financial Services as receiver for Vanguard for purposes of liquidation, effective March 26, and ordering current policies canceled at 12:01 a.m. on April 25.

Each policyholder will receive an offer of new coverage from either Royal Palm or Security First, effective April 25, or upon expiration of the policyholder’s Vanguard coverage, whichever occurs first. Policyholders also will be free to choose other companies for coverage.

Vanguard claimants who need to check on the status of an existing claim, or report a new claim should call the Florida Insurance Guaranty Association at 866-928-4310.

Questions relating to current Vanguard policy, coverage and claim issues should be directed to Vanguard Fire & Casualty Co. at 866-830-6423. Policyholders with questions regarding the offers of new coverage should contact their agent or call Royal Palm and Security First at 866-351-3060.

The Department of Financial Services was named receiver in January for purposes of rehabilitation and has paid more than $6 million in claims using company assets, but determined the company’s cash and reserves are not enough to keep up with claims.

From This Issue

Insurance Journal West April 9, 2007
April 9, 2007
Insurance Journal West Magazine

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