2022 Insurance Company Insolvencies

We had an earlier blog post in May regarding the reason for rising insurance rates in the Lowcountry, and one among the many reasons was the number of insurance companies to be declared either Bankrupt or insolvent. So far this year alone we have seen Gulfstream Property and Casualty, St. Johns Insurance Company, Avatar Property and Casualty, Lighthouse Property Insurance Corp, Fed Nat and now Southern Fidelity have all either gone insolvent or are "restructuring".

Southern Fidelity has about 69,000 policies between the states of South Carolina, Louisian, and Mississippi and was declared insolvent last week.

Southern Fidelity Insurance agreed to an order of liquidation from the Florida Office of Insurance Regulation. As part of the liquidation order, ALL remaining active Southern Fidelity policies will be cancelled effective 12:01 a.m. on 07-15-2022.

As of this announcement, there is no indication another carrier will assume the current policies or offer a transition plan. All current Southern Fidelity policies will have to be replaced by 7-15-2022.

​Conclusion

Make sure you reach out to your agent to look for other options if this insolvency affects you to avoid a potential lapse in coverage, which would undoubtedly increase your premiums for some time into the future. Feel free to reach out to GSP Insurance Group if you need help looking for alternative options or have any questions 843.707.4473, email [email protected] or visit our website at www.gspins.com.

Umbrella insurance is an extra layer of protection, particularly for those with high incomes, who have assets to protect or own a home.

Umbrella insurance is a form of liability insurance that provides extra protection over and above your existing policies.

It is not a substitute for other types of insurance; if you need Auto Insurance or Home Insurance, you’ll still need to have those policies in place.

In other words: umbrella insurance can help protect your assets in case something bad happens.

​If you have high income or own valuable assets such as a home or cars with equity in them, it's especially important for you to have umbrella coverage.

It’s also important to note that umbrella insurance does not cover all risks: it only covers the excess amount over what’s already covered by your other policies. Make sure the underlying policies are sufficient on their own before purchasing an umbrella policy on top.

Conclusion

We hope this article has helped you understand what umbrella insurance is and how it can help you better protect your assets. If you have any further questions, please contact us. We are happy to help!

Introduction

In the states of South Carolina and Georgia, workers' compensation insurance coverage is mandatory. If you own a business in either state, it's imperative that you're compliant with these laws in order to avoid fines and penalties. The work comp insurance experts at GSP Insurance Group will help you find the best rates on work comp policies so your company can get the coverage it needs to stay safe. Still unsure about what workers' compensation insurance does? We've put together a quick guide that covers all the basics for employers like yourself.

What Is Work Comp Insurance?

Work comp insurance is a policy that provides coverage for workers who are injured on the job, regardless of fault. In South Carolina and Georgia, employers are required to provide work comp insurance as part of their employee benefits packages. Work comp insurance can help employees recover from injuries and get back to work quickly.
Workers' compensation laws were created in the early 20th century to ensure that injured employees receive medical care and financial assistance during recovery periods while protecting them from any lawsuits brought against their employers. Workers' compensation pays benefits directly to the worker or their dependents when they're hurt at work, eliminating the need for individual lawsuits against an employer or third party like another employee or contractor.
Work Comp Insurance In South Carolina Or Georgia? See What GSP Insurance Group Has To Offer

What Does It Cover?

If you are an employer, Work Comp insurance covers the medical expenses of an injured employee and lost wages. It also covers the cost of hiring a temporary replacement, retraining the injured employee, and paying for future medical care.

What Isn't Covered?

You may be wondering if work comp insurance covers all the injuries you could imagine. The answer is no. Work comp insurance does not cover injuries that happen while you are intoxicated on alcohol or drugs, nor does it cover any injury that occurs while you are not working. This includes playing sports outside of work and going on vacation as well.

GSP Insurance Group has the right carriers to find you the best options on work comp insurance in South Carolina or Georgia.

Do you need work comp insurance in South Carolina or Georgia?
Are you looking for the best rates on this coverage? If so, contact GSP Insurance Group to see how we can help. We are an independent insurance agency that works with most major carriers to find the best options and value for our clients. We have a strong reputation for providing exceptional customer service and quality products at affordable prices.

​If you have questions about our services or would like to schedule a free consultation with one of our representatives, call us today at (843) 707-4473 or fill out our online request form here: https://www.gspins.com/get-a-quote.html

Conclusion

Clearly, work comp insurance is a necessity if you operate in South Carolina or Georgia. Keeping your employees safe from job-related injuries and illnesses is simply good business practice. It keeps them healthy and happy so they can perform better at work, and it protects you from the devastating costs that come with medical bills for on-the-job accidents. If you haven’t looked into this important insurance yet, consider getting started today—you could find yourself saving money on premiums while protecting your business assets and most valuable resources: your employees.

Introduction

According to the National Oceanic and Atmospheric Administration (NOAA), this hurricane season is expected to be above average with seven to 10 hurricanes. An average year has six hurricanes, three of which are major.
Here's what you need to know about hurricane season and your insurance coverage:
The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes.
The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes. While that may sound worrisome, there’s no need to panic.
The NOAA has been predicting an above-average hurricane season for a couple of years now and after taking a deeper look at the data, we think they might be right—at least this year. Let's take a look at why this could be one of those years where we see more hurricanes than usual.
First off, they're expecting seven to 10 hurricanes this year and 45% chance of an above-average hurricane season (for reference: last year was considered below average). NOAA’s definition of “above average” is anything over 12 named storms or tropical cyclones (hurricanes), which is exactly what they're forecasting here in 2022.

Be prepared for Hurricane Season

Have a plan in place. When a hurricane is approaching, you should know where you will go and how you will get there. This can include having a stockpile of supplies such as water and food that you have purchased ahead of time; gas or other fuel so that your car will be ready to evacuate if needed; maps of the area with evacuation routes marked clearly; and any special medications that may need to be taken during an evacuation (or stored safely in a waterproof container). If there are elderly family members or others who cannot evacuate on their own, then someone else must stay behind to assist them until help arrives. If possible, have your family meet at the same location so that everyone knows where they need to go in case, they become separated from one another while trying not only survive but also recover from any damage caused by Hurricane Season.

Conclusion

It’s imperative to take the time now to prepare your home and family for tropical storms and hurricanes. In addition, it’s a good idea to review your insurance coverage with your agent to make sure you have the right amount of protection before a storm strikes.