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  1. #1
    Join Date
    Mar 2011
    Posts
    3

    Default What Happens when the Workmans Comp Insurance Goes into Bankruptcy

    Notice: Effective March 7, 2011, AequiCap was placed into liquidation. The Florida Receiver is currently gathering claim files and claim data in order to forward the information to the appropriate guaranty association. As a result, there may be a slight delay in claim processing during this transitional period. Please continue to contact AequiCap using the contact information below to file a new claim. This website will be updated once the transition is completed. At that time, new contact information will be posted to assist policyholders in filing a new claim or in following up on a pending claim.

    For Property and Casualty Claims (i.e., commercial auto claims) of Florida Policyholders: With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) is activated to help pay outstanding claims for property and casualty 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 maximum amount FIGA will cover is $300,000. No claim will be paid in excess of this cap. By statute, all claims are subject to a $100 deductible over and above any deductible identified in the AequiCap policy. A policyholder may file a claim with the Receiver for the $100 deductible and for amounts over the cap.

    For Workers’ Compensation Claims of Florida Policyholders: With the entry of the liquidation order, the Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) is activated to help pay outstanding claims for workers’ compensation policies. FWCIGA limits the amount it pays on claims to the amount of coverage provided by the policy. However, Florida does not limit benefits paid to injured workers and pays 100 percent of the statutorily defined workers’ compensation benefits. For unearned premium claims, FWCIGA’s obligation is limited to $50,000 and covers only policies in force on the date of liquidation.

    For Claims of Georgia, Oklahoma and South Carolina Policyholders: With the entry of the liquidation order, the respective states’ guaranty associations are activated to help pay outstanding claims for property and casualty policies. The processing and payment of pending claims will be made in accordance with the respective state statutes.



    What i dont get is why my attorney says "we have to wait till its over"! If thats the case then why does FWCIGA exist and why are we NOT seeking beneifits from them etc..?? Im looking for some guidedance any help or thoughts would be thankful.. I have never seen a sitiution like this before!
    Last edited by Jay; 03-23-2011 at 03:05 PM. Reason: spell check

  2. #2
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,017

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    What i dont get is why my attorney says "we have to wait till its over"!
    The answer is there...For Workers’ Compensation Claims of Florida Policyholders: With the entry of the liquidation order, the Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) is activated to help pay outstanding claims for workers’ compensation policies....you have to wait until the liquidation order is in place. Once that happens, CIGA will begin to pay benefits.
    Listen to your attorney, thats why you have one...'legal advice'.

  3. #3
    Join Date
    Mar 2011
    Posts
    291

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    i suspect that your atty means when the transfer of claims files is over.
    that would of course mean the litigation files as well.
    the new defense atty if that's the case will have to get up to speed.

  4. #4
    Join Date
    Mar 2011
    Posts
    3

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    Quote Quoting BvIA View Post
    The answer is there...For Workers’ Compensation Claims of Florida Policyholders: With the entry of the liquidation order, the Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) is activated to help pay outstanding claims for workers’ compensation policies....you have to wait until the liquidation order is in place. Once that happens, CIGA will begin to pay benefits.
    Listen to your attorney, thats why you have one...'legal advice'.
    I got legal advice so that way I wouldnt be railroaded, after reading the statement "FWCIG" pays all etc.. that leads me to think that there will be NO interruption in payments etc... On a side note it appears the "liquidation order is in place" if it wasnt you folks wouldnt see what i got from the state of florida website!

    Company Name AEQUICAP INSURANCE COMPANY
    State of Domicile Florida
    NAIC Code 24619
    Status of Receivership Liquidation
    Type of Insurance Property and Casualty
    Primary Lines of Business Workers Compensation, Commercial Auto
    Guaranty Association - Fund -Consumer Assistance Plan Not Applicable
    Important Receivership Dates
    Date of Show Cause Not Applicable
    Date of Conservation Not Applicable
    Date of Rehabilitation 2/28/2011
    Date of Liquidation 3/7/2011
    Date of Discharge Not Applicable
    Date of Policy Cancellation 4/6/2011
    Claims Filing Deadline 3/7/2012

    Also u must keep in mind i have already won, in other words NO 1 showed up @ mediation, and the excuse given by the insurance carrier was "the employer stated he "claiment" was not an employee at the time" thus we dont have to show up".. HA HA i have records that stated otherwise and I showed up, be advised that the "final hearing" was scheduled on 4-11-2011. I was told whats funny is they "ins carrier" had 10 days to appeal and they didnt so what i dont get is why dont we go to the "final hearing" either??
    Last edited by Jay; 03-23-2011 at 04:40 PM. Reason: add

  5. #5
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,017

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    I got legal advice so that way I wouldnt be railroaded, after reading the statement "FWCIG" pays all etc.. that leads me to think that there will be NO interruption in payments etc... On a side note it appears the "liquidation order is in place" if it wasnt you folks wouldnt see what i got from the state of florida website!
    Great...you have an attorney... anyone responding here would only be second guessing any 'legal advice' you have received.
    That isn't a good idea. You and your atty know more about your claim that anyone on a message board. If that weren't the case, you wouldn't be providing the info.
    Also u must keep in mind i have already won,
    Again...that's GREAT, now listen to your attorne, and s/he will tell you when you can expect benefits to resume. No one here can do that.
    Good luck to you...

  6. #6
    Join Date
    Mar 2011
    Posts
    3

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    Quote Quoting BvIA View Post
    Great...you have an attorney... anyone responding here would only be second guessing any 'legal advice' you have received.
    That isn't a good idea. You and your atty know more about your claim that anyone on a message board. If that weren't the case, you wouldn't be providing the info. Again...that's GREAT, now listen to your attorne, and s/he will tell you when you can expect benefits to resume. No one here can do that.
    Good luck to you...
    LMAO, i came to this site for any thoughts, other than the meare fact I did hire an attorney..If he communicated then I wouldnt have never had the reason to "stumble" upon this site! So unless u can point me in the RIGHT direction with regards to the question, please keep NON facts to yourself, nothing personal...."tell me something i dont know"?? I came here to understand what have other people have dealt with whom for which might have been or is currenlty dealing with THE SAME ISSUE AS MINE!? Life is unique, the RIDE is NEVER the same for people in life, thus if anyone has ever experinced what Im going thru, please post, reply, smoke signal me what the out come was or what u dealt with along the way..So that my ride isnt so "bumpy"?!

  7. #7
    Join Date
    Feb 2007
    Location
    florida
    Posts
    625

    Default Re: What Happens when the Workmans Comp Ins Goes into Bankruptcy

    All litigation is suspended until the bankruptcy issue is resolved and receivership determined. In most cases the Guaranty Association will pay benefits. There is likley to be an interruption in benefits until the issue is resolved.

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