Coral Insurance Company has been placed in receivership. One aspect of handling claims where the insurer is in receivership is that a statutory time limit exists to file a lawsuit. However, for adjusters and policyholders, before a lawsuit can be filed, a "claim deadline" must first be met. We often get requests shortly before the lawsuit deadline only to find the claim deadline had not been met.
The claims filing deadline for Coral Insurance Company is July 25, 2011.
Here is the announcement issued by Florida Insurance Guaranty Association (FIGA) regarding Coral Insurance:
Coral Insurance Company
Effective July 26, 2010, Coral Insurance Company (“CIC”) was ordered into receivership for the purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida.
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 or $100,000 per unit for condominium and homeowner association claims. An additional $200,000 is available for structure and contents on homeowners’ claims. For more information see the FAQ section of this website or the Florida Receiver. 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 CIC policy. A policyholder may file a claim in the CIC receivership for the $100 deductible and for amounts over the cap.
Claimants who need to check on the status of an existing claim should call the Florida Insurance Guaranty Association at 1-866-928-4310 (toll-free). Consumers who need to report a new claim are directed to contact their agent or contact FIGA at the referenced phone number.
You will need to have the following information available when reporting a new claim:
■Insured contact information
■Date of loss
■Brief description of the loss
■Police report (if applicable)
This information can be faxed to (850) 523-1888 or emailed to firstname.lastname@example.org
"What should I do after I file my claim?"
All policyholders should be informed that per Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against FIGA is July 25, 2012.
You can read a copy of the Consent Order by clicking here.