Effective on December 18, 2009, Intercontinental Marine Service
Corporation (d/b/a First Warranty Group of Florida) was
ordered liquidated by Judge
John C. Cooper of the Second Judicial Circuit Court in Leon County,
Florida. The Florida Department of Financial Services was previously
appointed as Receiver of Intercontinental Marine Service Corporation
(“IMSC”) on July 28, 2009, when the company consented to be placed
in receivership for purposes of rehabilitation. Unfortunately, after
the Receiver had opportunity to review the books and records of
IMSC, it became clear that the company lacked the financial
resources for a successful rehabilitation.
IMSC is a Florida corporation that was licensed in Florida in 2003. The company previously issued motor vehicle service agreements in Florida, Texas, North Carolina and Oklahoma. In October, 2007, IMSC surrendered its Certificate of Authority in Florida. At this time, it is estimated that the company has approximately 10,000 in-force policies in Florida and other states.
The Receiver will send a notice of the liquidation proceeding to the known IMSC warranty policyholders. The Receiver will also send a notice of the liquidation to the automobile dealers which sold the company’s warranties and ask for their assistance in notifying warranty policyholders of the policy cancellation and other matters pertaining to the receivership.
THERE IS NO GUARANTY ASSOCIATION COVERAGE FOR MOTOR VEHICLE SERVICE WARRANTY AGREEMENTS. The lack of guaranty association coverage impacts both the warranty/policy cancellation date and claims payments.
POLICY CANCELLATION: All motor vehicle service warranty agreements written by IMSC are cancelled as of 11:59 p.m. on the date of liquidation, December 18, 2009.
PREMIUM REFUNDS/UNEARNED PREMIUM: Since there is no guaranty association, warranty policyholders will need to file a claim for any unearned premium in the IMSC receivership proceeding. Instructions for filing claims in the receivership will be provided to the policyholders at a later date.
CLAIMS ISSUES: The deadline for filing claims in the IMSC receivership is 11:59 p.m. on December 17, 2010. Proof of Claims forms will be available to potential claimants within the next few months. The Receiver will provide instructions for filing a claim. Further general information regarding the claims process in a receivership is available on the Receiver’s website, www.myfloridacfo.com/Division/Receiver.
CONTACTING THE RECEIVER: For questions regarding the receivership, consumers are asked to contact the Receiver by using the “Contact Us” form at the Receiver’s website, www.floridainsurancereceiver.org or call the Florida Department of Financial Services, as Receiver, at 1-800-882-3054 or (850) 413-3081. Copies of the liquidation order for IMSC and other relevant information will be available on the Receiver’s website, www.floridainsurancereceiver.org.