insurer insolvency News

State Takes Over Failing Insurer That Can’t Pay California Wildfire Claims

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 pushed to insolvency by the fire that sparked …

Agent Liability for Insurer Insolvency

Agents’ errors and omissions (E&O) policies provide protection for agents for certain negligent acts committed in their professional capacity but may exclude coverage for liability related to an insurer’s insolvency. These “insolvency exclusions” typically exclude coverage if the agent places …