SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation

October 21, 2011

SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation

Joplin, MO (rushPRnews) 10/21/11 — SideCars, Inc., a leading reinsurance administrator for CPI program for dealers who operate their own captive insurance companies, released its statement today in light of recent news regarding Western Insurance Company's court proceedings that declared them insolvent.
 
Through the years Western was an A.M. Best's rated Insurance Company.  Their recent status upset the industry, and some members of the community have emerged to attack several companies and programs who have worked with Western Insurance Company.  Western Insurance Company did not underwrite the SideCars CPI program, but rather provided a stop-loss policy.

Thus, SideCars released a statement to address these concerns and encourage dealers to contact SideCars, Inc. directly to learn more about the issue or its products and services.

“SideCars, Inc. strives everyday to uphold its commitment to responsibly provide quality service and products to our business partners” said Paul Griego, Vice President.

President, Les Olson C.P.A, of SideCars, Inc. responded to questions on how this affects SideCars’ programs:
 
"We, like much of the automobile community, were disappointed by the news but fortunately because SideCars strives everyday to deliver better solutions to our customers, we were working on alternative solutions with even more benefits to our dealers than those underwritten by Western.  It's an unfortunate circumstance, but the timing is impeccable.
 
Western’s liquidation in no way affects the legality of the program administered by SideCars, Inc.  Western’s role was primarily as a compliance carrier and the program continues to be both legal and completely functional in the wake of the Western insolvency.  Our clients understand that the SideCars’ programs are ultimately reinsured into the client’s insurance company where the client has actual constructive control of the cash in their respective reinsurance company’s accounts thus; our dealers’ reserves and funds remain protected.
 
In lieu of Western Insurance Company’s liquidation, SideCars, Inc. has secured a new carrier to provide the stop-loss policy previously provided by Western.
 
Had SideCars, Inc. not previously arranged for the replacement of the Western policy, that policy would have continued in effect for at least three months from the entry of the liquidation order."
 
All of Western’s insurance policies and surety bonds, if any, will continue in force as a claim against Western’s estate for the shortest of the following: “(1) 90 days from the entry of this liquidation order December 12, 2011 at 5:00 P.M. MST; (2) the day on which policy coverage expires; (3) the date the insured replaces or terminates the insurance coverage; or (4) some other date ordered by the Liquidation Court as proposed by the Liquidator.
 
For questions about the liquidation order please visit:  http://www.westerninsurancecompany.net/WIC_Liquidation_Order.pdf

Media Contact Name: Frank Aranda
Media Phone: 888-800-2251
Media Web Address: www.sidecarsinc.com
Click here to see all news from this author/company

Filed Under: BREAKING NEWS, BUSINESS NEWS, Featured, PRESS RELEASE

RUSH PR NEWS newswire and press release services at rushprnews.com / AH Marketing ahmarketinggroup.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

High-Tech Bridge Uncovers Large Number Of Fraudulent Cybersecurity Company Domains

San Francisco, US/ Geneva, Switzerland 05/26/16 · Research into the proliferation of fraudulent domains affecting...

Compliance Map tracks Country of Origin in complex supply chains

Solihull, United Kingdom 05/26/16 · The Compliance Map, a developer of environmental compliance...

Fast Lane Announces Global IT Security Training Partnership with NotSoSecure

Morrisville, NC 05/25/16 ·  - Business news -  Fast Lane Announces Global IT...

Publishing A Magazine To iPad Is Affordable With Twixl Publisher

Santa Cruz, California 05/21/16 · Fear Not: Solution is at hand to combat...

Losode.com making an impression in Virgin Media’s #VOOM 2016

London, United Kingdom 05/19/16 · Losode.com making an impression in Virgin Media’s  #VOOM...

Wayne Gretzky named A Great Canadian for the Canada D’Eh Run

Amherstburg ON 05/18/16 · Participants Voted And They Have Chosen The Great...

VOTE for Losode.com, an innovative fashion destination by Africans #VOOM 2016

LONDON, UK 05/16/16 · CROWDFUNDING CAMPAIGN-  Losode.com, an innovative fashion destination by...

Whom Can You Trust To Make Your Car Keys?

Toronto, Ontario 05/16/16 · Pop-A-Lock, the largest security network in North America,...

How to Fix Common Boiler Problems

Keighley, UK 05/14/16 · We ALL totally rely on our boilers to...

2016 Springtime Public Relations is Made Easy With PR Coupon

SAN FRANCISCO 05/14/16 · Spring 2016 is promising to be a time...

Fast Lane Joins the IoT Talent Consortium

Morrisville, NC 05/12/16 · - Fast Lane (www.fastlaneus.com) has accepted a role as an...

BOSS Mentors Give Local Young Women Entrepreneurial, Etiquette and Lifestyle Skills

Windsor, Ontario 05/10/16 ·  Best Opportunity to Support Self  – Manners and money...

Time to Replace Your Boiler Then Buy British with Ideal Boilers

Keighley, United Kingdom 05/05/16 · Ideal Boilers is a British Manufacturer based in...