On July 28, 2021, Gulfstream Property & Casualty Insurance Company AND Gulfstream Select Insurance Company were ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services ("Department") is the court appointed Receiver of Gulfstream. A copy of the liquidation order for Gulfstream is available on the Department's website, www.myfloridacfo.com/division/receiver.
With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) was activated to respond to and oversee the liquidation proceedings of Gulfstream.
If you are currently a Gulfstream Property and Casualty Insurance Company Policyholder, make note of the following:
- Insurance policies in force with Gulfstream are cancelled effective 12:01 a.m. on August 27, 2021, unless otherwise terminated prior to that date.
- Your current agent was made aware of the liquidation on July 29, 2021 and they were instructed by the Florida Department of Financial Services to work hard to find replacement coverage for you in the private market.
- If your agent cannot find replacement coverage for you in the private market, Citizens Property Insurance Company ("Citizens") will provide you with a guaranteed offer of coverage, but you must bind the coverage using the process Citizens has put into place. We will update this page when more information about this is available. To learn more, you may call Citizens directly at (888) 685-1555.
- The deadline for filing claims in the Gulfstream receivership proceeding is 11:59:59 p.m. on July 28, 2022.
- The Florida Insurance Guaranty Association ("FIGA") is designed to offer protections for policyholders insured by an insolvent insurer who is/was authorized and admitted by the Florida Department of Financial Services prior to insolvency. FIGA will help pay outstanding claims for Gulfstream policies as well as issue unearned premium refunds to policyholders who have pre-paid portions of their insurance premiums.
- 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, with special limits applying to (1) damages to structure and contents on homeowners' claims and (2) condominium and homeowners' association claims. For damages to structure and contents on homeowners' claims, the FIGA cap is an additional $200,000. For condominium and homeowners' association claims the cap will be $100,000 multiplied by the number of units in the association. No claim will be paid more than this cap. All claims are subject to a $100 statutory deductible over and above any deductible identified in the FSIC policy. FIGA will not pay any claims occurring after the cancellation of your policy.
- FIGA will pay covered unearned premium claims after the Florida Department of Financial Services completes its processing of the policy records and sends the unearned premium records to FIGA. A $100 statutory deductible will be taken from the amount owed to you. We have been advised that this process will likely take time. We don't expect consumers to receive refunds until at least 60 days after the cancellation takes effect.
- If you have further questions regarding the insolvency of Gulfstream Property & Casualty Insurance Company, please refer to the numbers posted below and reach out to the appropriate department for assistance:
- Gulfstream Customer Service: 1-866-485-3004
- Gulfstream Claims Service: 1-866-485-3005
- Florida Department of Financial Services: 1-800-882-3054 OR 1-850-413-3081
- Citizens Property Insurance Corporation: 1-888-685-1555
- Current clients of Evolve Insurance: 1-941-244-2760
This is never good news for a Florida resident to hear right before the peak of Florida's Hurricane Season. Fortunately our agency is prepared and can offer you a quote to replace your current coverage issued by Gulfstream Property and Casualty Insurance Company. Our agency has relationships with multiple admitted and authorized insurance carriers who are financially stable and ready to provide you with the peace of mind you need and deserve. To stay covered and protected, start by visiting us online at evolveins.com or call our office at 941-244-2760 and ask to speak with an agent today.
David Kronk, Principal Agent, Evolve Insurance Agency