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 (RPRN) 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 E-mail:
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 / Anne Howard annehowardpublicist.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

Zikto taking award-winning Arki to Startup Nations Summit

Seoul, Korea 11/22/14 · Zikto taking award-winning Arki to Startup Nations Summit The...

The End of Transparency? Don't be a fraud target

Carrollton, TX 11/18/14 · - Over the years, progressive and productive societies...

Ultraseal international in finals of Midlands Business Awards 2015

Coventry, UK 11/14/14 · Ultraseal International, which exports to the automotive supply...

Arki: Hot New Wearable Tech Setting a Cracking Pace on Kickstarter

San Francisco, CA 11/14/14 · Update for November 21: 412 Backers $90,034 pledged...

UpWest Labs Unveils Details of Its Eighth Batch of Startups, Ranging From Genetics to 3D Design

Palo Alto, California 11/11/14 · Accelerator continues to support innovative entrepreneurs with its...

Modern Casting Impregnation helps automakers to avoid warranty claims on engines

Novi, MI 11/11/14 · Automakers can save money and avoid costly warranty...

The Evolution of Walking: Wearable Tech steps up to a new level

San Francisco, CA 11/11/14 · Arki: Finally Wearable Meets Fashion – Wearable technology is one of 2014’s...

GeneSegues Awarded $1 Million Phase II NIH/NCI Research Contract for Nanoencapsulated RNAi Cancer Therapeutic

MINNEAPOLIS, MN 11/10/14 · Highly Competitive NIH Program Validates Potential of GS-10...

More Than 400 .Onion Addresses Targeted as Part of Global Enforcement Action on Tor Network

WASHINGTON 11/07/14 · More Than 400 .Onion Addresses, Including Dozens of...

Learn about Wine in Your Pjs - A New Kind of Wine Class

SAUSALITO, CA. 11/04/14 · The Wine Key announced today it's first virtual...

XCEL Professional Services Has Made a Huge Change to Move Our Company Forward

Calgary, AB 11/04/14 · Introducing Rob Hay: The New President of XCEL...

Furries and Despair – two-man show at Canessa Gallery, November 7 Wild is beautiful

San Francisco, CA 11/03/14 · The show  "Furries and Despair" at Canessa Gallery...

Ristech Completes Acquisition of Kirtas Technologies Inc.

Victor, NY. 11/03/14 · With the acquisition of Kirtas Technology, Ristech increases...

Signed, sealed, delivered: Email best practices

San Francisco, CA 10/31/14 · Email is the original Web app. Born in...