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Gulfstream Policyholders – We’re Here to Help
As you may already be aware, as of 8/27/2021 all Gulfstream Property & Casualty Insurance policies were cancelled. Gulfstream was forced to enter into what is called “receivership.” This simply means that the company no longer had the financial ability to continue normal operations while fulfilling current claims obligations and future claims. The Florida Department of Financial Services stepped in at this point to ensure that policyholders would have their open claims paid and any new claims from current policyholders would be covered as well.
Key Information (Historical)
- On August 27, 2021, Gulfstream Property & Casualty Insurance Company stopped covering policyholders.
- A process was in place with the Florida Insurance Guaranty Association to pay claims for losses incurred prior to 12:01am on August 27, 2021.
- The deadline for filing a claim for these covered losses was July 28, 2022 (now passed).
- Claims could not be filed for losses incurred after August 27, 2021.
Florida Insurance Guaranty Association
The Florida Insurance Guaranty Association (“FIGA”) was activated to help pay outstanding Florida claims for property and casualty policies. The maximum amount FIGA covers is generally $300,000 per claim, with an additional $200,000 available for structures and contents on homeowners claims.
Florida Department of Financial Services
The DFS was in charge of processing payment of covered claims on Gulfstream policies incurred before 12:01 a.m. on August 27, 2021.
Let Us Be Your Insurance Experts!
Synergy Insurance Group is an established and trusted agency in the South Florida community. We have seen many insurance carriers come and go over the years, so we have the knowledge and experience to help you navigate through this process. Contact us today!