Guidance for Gulfstream Policyholders

On July 28, a Florida court ordered the liquidation of a Florida insurance company, Gulfstream Property and Casualty Insurance Co. (Gulfstream).

Prior to the liquidation, a subsidiary, Gulfstream Select Insurance Co., was merged with Gulfstream Property and Casualty Insurance Co. Both Gulfstream Select and Gulfstream Property and Casualty insured properties in Louisiana.

The Florida Department of Financial Services is Gulfstream’s receiver.

All Gulfstream insurance policies will be canceled by operation of law as of Aug. 27 unless terminated sooner by the policyholder.

Centauri National Insurance Co. will offer coverage to Gulfstream policyholders for qualified properties provided that their agent has agreed to become an agent for Centauri. Homeowners policies that have been insured by Gulfstream for over three years will be eligible to transfer to Centauri with three-year protection under Louisiana law.

Policyholders also are welcome to shop for new coverage on their own.

Any policyholder with Gulfstream insurance claims before August 27 should report those to Gulfstream. If Gulfstream’s assets are insufficient to pay claims, the Louisiana Insurance Guaranty Association (LIGA) may cover claims up to $500,000 and unearned premium up to $10,000 under Louisiana law.

LIGA can answer questions about claims, return of premium, and the return of unearned commissions. LIGA can be reached at 225-757-1688.

The following links may be helpful:

https://www.myfloridacfo.com/division/receiver/

https://www.laiga.org/

https://www.centauriinsurance.com/

If you are a Gulfstream policyholder and have questions, please review the above links and contact your agent.