Nevada Insurance Commissioner Alice Molasky-Arman is warning the public, especially those in the real estate industry to be on the alert about a company called Wilson Pacific Insurance Company, who is allegedly offering professional liability policies to real estate inspectors.
According to Division records, this company has never been licensed to conduct insurance business in Nevada. Molasky-Arman said, “Unfortunately, fraudulent insurance policies are on the rise in every line of insurance, with Nevada’s consumers footing the bills in unpaid claims.”
According to Nevada law, with very few exceptions, no insurance product can be sold by individual agents, brokers or companies without the prior approval of the Nevada Division of Insurance. Fraudulent insurance is any insurance plan that is intended to defraud consumers or businesses.
The Division learned of a fake letter reportedly being circulated stating that, effective May 12, 2004, Landmark American Insurance Company purchased Wilson Pacific Insurance Company’s insurance policies. These fraudulent letters list a Las Vegas address using “Landmark American Insurance Company” letterhead. Although Landmark American Insurance Company is an authorized insurance company, it does not sell real estate or home inspector liability policies; it has not purchased such policies; nor did it mail these letters.
At this time, the Division is unaware of any policies sold by this company in Nevada, but the Division staff is seeking information.
Persons who have any leads concerning Wilson Pacific or who may have been contacted by the company are asked to contact Meri Jane Stern at the Division in Carson City by calling (775) 687-4270 ext. 258 or by calling toll-free in Nevada at (800) 992-0900, Carson City ext. 4270.
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