LIQUIDATION AND COMPANIES AFFECTED
According to the Pennsylvania Insurance Department, on March 11, 2021, Pennsylvania Commonwealth Court placed Bedivere Insurance Company, formerly known as OneBeacon Insurance Company, into liquidation. Bedivere’s liquidation affects the following companies: Lamorak Insurance Company – formerly known as OneBeacon America Insurance Company, Potomac Insurance Company, and Employers Fire Insurance Company. By way of historical succession and merger, property and casualty carriers American Colonial, General Accident Insurance Company of America, and Commercial Union Insurance are also impacted within this liquidation.
IMPACT
This liquidation action has a potentially far-reaching impact in the world of long-tail, toxic tort, and latent injury claims, which are typically covered by general liability policies formerly written by companies like those under Bedivere. In these instances, historical insurance portfolios that include an allocated share to a Bedivere company could be missing a key piece of the coverage equation; thereby putting a financial burden on policyholders and other participating carriers alike
CLAIMS DEADLINE
If you believe you have a claim or a subrogation to file with the Bedivere Insurance Company, a deadline of December 31, 2021 has been set for a receipt of claims. If claims are not submitted by that date, your claim may be denied or considered at a ‘lower priority level’.
LEARN MORE
For more information about the liquidation action, frequently asked questions, and filing deadlines, please visit the Pennsylvania Insurance Department here: https://www.insurance.pa.gov/Regulations/LiquidationRehab/Pages/Bedivere-Insurance-Company.aspx
If you’re facing a long-tail liability, toxic tort, or latent injury claim and the carrier names listed in this post sound familiar, please contact PolicyFind. There is still time for our team to help you locate and present your evidence of coverage and to submit Proof of Claim, ahead of the Claims Bar Date set for the end of this year.