Windhaven Insurance Company ordered into Liquidation by the Circuit Court in Leon County, Florida at the request of the Florida Department of Financial Services.
The following information has been authorized by the Florida Department of Financial Services for release on 01/06/2020 to all policyholders of Windhaven Insurance:
On December 12, 2019, Windhaven Insurance Company (“Windhaven”) was ordered into receivership for purposes of rehabilitation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of Windhaven. On December 30, 2019, the Court entered an order liquidating Windhaven effective on January 6, 2020. A copy of the liquidation order for Windhaven is available on the Department’s website, www.myfloridacfo.com/division/receiver/companies/windhaven/default.htm.
• Windhaven insurance policies are cancelled effective 12:01 a.m. February 5, 2020, unless otherwise terminated prior to that date.
• The Florida Insurance Guaranty Association (“FIGA”) will pay covered unearned premium claims, after the Department completes its processing of the policy records and sends the unearned premium records to FIGA. A $100 statutory deductible will be applied to the refund.
• With the entry of the liquidation order, FIGA was activated to help pay outstanding claims for Windhaven policies. The processing and payment of pending covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap).
• The deadline for filing claims in the Windhaven receivership is January 6, 2021. A policyholder may file a claim in the Windhaven receivership for the $100 statutory deductible which applies to the claim payments, for amounts over the FIGA coverage cap or for other claims not covered by FIGA.
• Information regarding the method for filing a claim in the receivership proceeding will be available on the Department’s website https://www.myfloridacfo.com/division/receiver/.
If you are insured with the Windhaven Insurance Company, we recommend taking the following steps to protect yourself immediately:
- Contact our office for the most up to date information available. Our staff is briefed daily on the progress of the liquidation and is aware of the timelines and status of Department actions in this matter.
- Immediately obtain replacement coverage for your Windhaven policy. Our staff has many options for you to move your account to another insurance carrier immediately to assure that any claims that occur are paid timely and without delay. Claims presented to the Windhaven Insurance Company at this time may be delayed by weeks or months while the Department sorts out the financial disposition of Windhaven Insurance Company.
- Immediately request that your EFT payments to Windhaven Insurance Company be halted, so that no further financial loss is suffered. Payments scheduled up to the ordered cancellation date of 2/5/2020 may continue to be processed, although claims will be denied or delayed. When contacting our office for replacement coverage, be sure to mention that your Windhaven payments are scheduled on EFT so we can advise the Department to stop taking money from your account. To be certain that your EFT payments are stopped, act more than 5 business days before your next payment. Once the payment is processed, it can NOT be stopped and may never be recovered. We can NOT stop EFT payments without your signature on a request to do so.
- Do not delay your replacement. While technically you remain insured with Windhaven until the ordered cancellation date of 2/5/2020, any claim filed between now and that date may be delayed in payment, is subject to an additional $100 deductible and could be limited or delayed by the Department while ongoing liquidation occurs. The liquidation of Windhaven has been ordered because the carrier is insolvent and no longer has the assets to meet it's liabilities. Once the 2/5/2020 cancellation date is reached, your coverage ends without further notice. To be protected, replace your coverage immediately and pay no further premiums to Windhaven Insurance.
- If your Windhaven policy is cancelled or ends PRIOR to the 2/5/2020 Cancellation date, the policy will end at that time and NOT on 2/5/2020. Policies scheduled for termination before that date, will NOT be reinstated and will remain cancelled on the earlier date.