Weston Insurance Insolvency and TWIA CoveragePublished on: August 12, 2022
- Weston Insurance has been declared insolvent by Florida regulators and will cancel all policies effective September 7.
- Weston wrote a significant number of windstorm policies in Texas coastal counties.
- TWIA has a team prepared to assist insurance agents making applications for affected policyholders through our normal processes for windstorm coverage.
Weston Property & Casualty Insurance Company was put into receivership for liquidation on August 8. Policies currently insured by Weston, including those in Texas, will be canceled effective September 7.
We realize the timing of these cancelations may be concerning as we enter peak hurricane season in Texas. TWIA is committed to working with insurance agents and Weston policyholders who meet TWIA’s eligibility requirements to help them obtain windstorm coverage as quickly as possible.
Here are a few important things to know as insurance agents apply for TWIA coverage on behalf of their clients whose Weston policies are being canceled.
- Declination Requirements: Weston policyholders are deemed to have been denied coverage by a private market carrier because of the cancellation of their coverage. No additional declination is required.
- Windstorm Certification Requirements: Properties must be in an insurable condition and certified by the Texas Department of Insurance as having been built to applicable building codes, with limited exceptions. You can find information about windstorm Certificates of Compliance on TDI’s website.
- Flood Insurance: Property owners in some areas are required to have flood insurance to be eligible for TWIA coverage. There is more information on flood insurance requirements on TWIA’s website.
- Other Windstorm Coverage Options: Weston policyholders seeking windstorm coverage may have other options besides TWIA and can explore their options on the Texas Department of Insurance’s HelpInsure website. They can also discuss their coverage options with their insurance agent.
We will make additional information available in the next few days to insurance agents and Weston policyholders who are affected by this issue.
Insurance agents who are currently registered with TWIA can learn more about TWIA’s application process for agents on our online Agent Training Center. Insurance agents who are not currently registered to submit applications for TWIA coverage can learn more about the registration process on our website.
TWIA Policy Services is offering additional information and help for insurance agents assisting policyholders in this transition. Insurance agents can contact TWIA’s Weston Policy Support Team at (800) 231-5360 or email@example.com.