Weston’s Texas, Louisiana Policies to be Canceled September 7

Weston Property & Casualty Insurance Co. policies in Texas and Louisiana will be canceled on September 7 after the Florida-based insurer was ordered to end operations in early August after going insolvent.

The Texas Department of Insurance (TDI) said Weston policyholders will receive funding for unearned premium through the Texas Property and Casualty Insurance Guaranty Association. TDI encourages policyholders to talk with their agent about finding other coverage options as soon as possible.

In Louisiana, approximately 10,300 Weston policies will be canceled.

“The most important thing Weston policyholders can do is contact one or more insurance agents and begin shopping for coverage immediately,” Louisiana Insurance Commissioner Jim Donelon said. “Louisiana Citizens, which is the state’s insurer of last resort, has the ability to take on the risk and provide coverage for Weston’s policyholders who are unable to find a policy on the private market. Citizens will give policyholders and their agents 60 additional days after cancellation to place a policy with Citizens while maintaining coverage as it has done for other failed insurers. It’s also important to remind Citizens’ policyholders that they can continue shopping after binding a policy with Citizens and, if they are able to find a new insurer, they will receive a refund from Citizens for any unearned premium.”

Weston became the fifth Florida insurer to go insolvent this year.

Topics Texas Louisiana