Effective April 1, 2017, CastlePoint National Insurance Company (“CNIC”) was ordered into receivership for the purposes of liquidation by the Superior Court of the State of California, City and County of San Francisco.
With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) has been activated to help pay outstanding claims for property and casualty policies. The processing and payment of covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap). The maximum amount FIGA will cover is generally $300,000 per claim. For more information see the FAQ section of this website or the California Conservation & Liquidation Officewebsite. No claim will be paid in excess of this cap. All claims are subject to a $100 deductible over and above any deductible identified in the CNIC policy. A policyholder may file a claim in the CNIC receivership for the $100 deductible and for amounts over the cap.
All policyholders should be informed that per Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against FIGA is December 31, 2018.