Suspends Nonrenewals, Cancellations and Reporting Requirements for Affected Policyholders Located in or Around Counties Declared Disaster Areas by Governor Rauner
SPRINGFIELD, Ill., July 20, 2017— Insurance Company of the West, a member of ICW Group Insurance Companies, announced today that it is implementing safeguards for policyholders affected by the severe flooding in Illinois, ensuring that the there is no lapse in coverage during this difficult recovery process. The flooding impacts Cook, Kane, Lake and McHenry counties.
In accordance with the Illinois Department of Insurance Company Bulletin 2017-03, “Suspension of Cancellation, Non-renewal and Premium Payments,” ICW Group has enacted the following directives:
- Moratorium on cancellations and nonrenewals for any notice issued on or after July 12, 2017, on any in-force policy issued to affected policyholders. Additionally, no new notices will be issued to affected policyholders until September 30, 2017, or later if deemed reasonable.
- Extensions will be granted to affected policyholders on any and all policy provisions or other requirements that impose a time limit. Extensions of not less than 60 days will be granted for submission of a claim, proof of loss, repairs of property, reporting information, and submission of bills or payments, from the last date allowed or required by the policy. Additional extensions will be granted as deemed reasonable.
- Moratorium on cancellation or nonrenewal respecting affected property due to “increase in the risk originally accepted” or due to the geographic location of the property.
- Availability of the Illinois Department of Insurance. Please be advised that the Illinois consumers Department of Insurance is available to all consumers for filing a complaint regarding any disaster-related dispute or issue. Consumers may call the Department’s toll-free complaint hotline at 1-866-445-5364.
“We are fully committed to safeguarding our customers’ speedy recovery during this rebuilding period,” said Kevin Prior, president and CEO of ICW Group. “In complying with the guidelines outlined by the Illinois Department of Insurance, we understand our commitment to our Illinois communities and highly value their trust in us. With flood waters impacting so many, we want to ensure each customer’s safety as well as their peace of mind.”
ICW Group will send an email to Illinois agents, brokers and policyholders outlining the above safeguards. It will also provide real-time announcements via LinkedIn at www.linkedin.com/companies/icw-group and on Twitter via @ICWGroup.
About ICW Group
Based in San Diego, ICW Group Insurance Companies is the largest privately held insurance company domiciled in California. Quoting more than $3 billion annually, ICW Group represents a group of Property, Auto and Workers’ Compensation insurance carriers, including Insurance Company of the West and Explorer Insurance Company. ICW Group is recognized nationally as an industry leader in helping policyholders achieve fewer and less costly claims, and is committed to meeting the needs of its policyholders and elevating the trusted agents and brokers who advise them. More information is available at www.icwgroup.com.