Insurance Company Bankrupt Camp Fire
Regulators have made their first moves toward a takeover after wildfires raged through the state destroying over 13 000 homes.
Insurance company bankrupt camp fire. The small san joaquin valley insurer had assets of about. California officials will take over a small insurance company that has been overwhelmed by claims from property owners in paradise whose homes were leveled by the camp fire. The ruling by judge brian mccabe allows the state department of insurance to seize control of the bankrupt company. The small firm is facing 64 millio.
Merced property casualty had liabilities of 64 million in the city of paradise alone. When an insurance company goes through bankruptcy the insurance coverage will continue and policy claims will be covered and paid by state insurance guaranty associations subject to each state s coverage limits. The 112 year old company merced property. A spokesperson for the department of insurance says the company had 200 policies in butte county but doesn t know how many people impacted by the fire held insurance with the company.
Guaranteed coverage amounts typically vary from 100 000 to 500 000 in benefits. A california insurance company bankrupted by the camp fire and other wildfires may be taken over by the state. Ap california regulators moved friday to take over an insurance company that can t pay out all claims following a massive wildfire that destroyed more than 13 000 homes. Merced property casualty company was unable to keep up with the cost of its policyholder claims.
Merced property casualty a firm that s been in business since 1906 was declared bankrupt on monday dec. 3 in merced county superior court. California s most destructive wildfire has left an insurance company in shambles unable to pay millions of dollars to policyholders.
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