Florida Boat Insurance Carriers
Magnolia Insurance ordered to stop writing new business and non-renewal of existing policies
The Office of Insurance Regulation Florida entered into a non-confidential consent order with Magnolia Insurance Company in Magnolia placement supervision administration. The Order of Supervision, paragraph 9, states "Magnolia should not write any new business and should not renew the deal without the prior consent of the Office and without a full disclosure of the existence of this order for the insured and the agent before any renewal. "
This company was placed on supervision for the Office finds that he is in an unhealthy condition. Magnolia notice is bound by the provisions of Section 627.4133, Florida Statutes to adequately communicate non-renewal. Policies that are scheduled to renew now and the first week of January 2010 not could be properly observed by non-renewal of Magnolia and Magnolia will renew the policy if the policyholder or agents of renewal request.
However, policyholders and agents should be aware that the renewal with Magnolia is at your own risk and insured. Agents should seek local any policy for the replacement with another carrier admitted before the policy expiration date. If you are unable to place with a carrier admitted then you can appeal to the citizens, taking the application to "guidelines and requirements of citizens. Thank you for visiting the Best Fare Insurance today! We are an independent insurance agency based locally in Doral, Fla., with experience of over 25 years. If you own a house in Miami, or station of a boat at Daytona, we understand the insurance needs of Floridians and we're here to help with all your individual needs and business insurance!
Best Rate Insurance is dedicated to helping borrowers find the current Magnolia replacement coverage immediately, contact us today for all your options. For more information, visit: http://www.bestrate-insurance.com/
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