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Coral Insurance Company Ordered into Rehabilitation by Circuit Court Judge

4/9/2009

 
 
TALLAHASSEE—Leon County Circuit Court Judge P. Kevin Davey ordered the Hollywood-based Coral Insurance Company, a residential property insurance provider in Florida, into receivership for the purpose of rehabilitation, effective today.  The Department of Financial Services has been named as the receiver.
 
Coral Insurance has approximately 11,750 homeowner policyholders and has reached an agreement with Security First Insurance Company and the MacNeill Group, Inc. to provide replacement coverage to policyholders.  Homeowners with homes valued at under $1 million will have the option to get coverage with Security First, while homeowners with homes valued at $1 million or more will have the option of coverage with the MacNeill Group, Inc.  Coral Insurance policyholders are urged to contact their agents to discuss their coverage options.
 
“Our top priority is to help make the coverage transition for policyholders as smooth as possible for Floridians,” said Florida Chief Financial Officer Alex Sink. “I urge all Coral Insurance policyholders to contact their agents and determine the best option as this transition takes place.” 
 
Coral Insurance Company consented to being placed in receivership for rehabilitation. The company stopped writing new coverage in early March and stopped writing renewal coverage after March 29, 2009.
 
Questions regarding Coral policy and coverage issues should be directed to the Coral Insurance Company at 1-800-875-8330, option 4. Claim issues should be directed to Coral Insurance Company at 1-866-478-2379.
 
For any other questions, consumers can call the Florida Department of Financial Services at 1-800-882-3054.  The rehabilitation order and other related information can be found at http://www.myfloridacfo.com/Receiver/.