On November 27, 2017, Guarantee Insurance Company (“GIC”) was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of GIC.
What does this mean to you?
Well, if you’re insured with Guarantee Insurance Co., it means you have a very short window to find a new insurance carrier!
It what reads like a made for TV miniseries, it seems the gig is up for GIC!
Under the liquidation order, all GIC policies are cancelled effective Dec. 27 unless otherwise terminated prior to the date
According to documents from the Florida Office of Insurance Regulation, Guarantee had systematically transferred $15.7 million between 2016 and July 2017 to former GIC, CEO with no documented business purpose or discernable benefit to GIC!
If your company is currently insured with Guarantee Insurance Co., call immediately and we’ll put you in touch with a licensed broker than can assist in finding replacement coverage.
GIC provided WC coverage in 31 states with over 8,600 active policyholders as of 11/13/17.
Guarantee Insurance Company – Direct Contact Information:
General Information: 800-948-2651 (toll free) or 954-556-1600 (main phone)
Claims (all States): GIC Client Service Center: 1-877-886-4334 (toll free)
If you have any non-claims related questions regarding the receivership, please contact the Department at Consumer.services@myfloridacfo.com or by calling (850) 413-3081 or toll free at 1-800-882-3054.
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Source: https://www.insurancejournal.com/news/southeast/2017/11/21/471913.htm