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

Cisco Undergoing Changes to Business Model for New Cloud Challenge

Doylestown, PA 08/22/16 · For the employees of Cisco Systems, August can...

Personal Care Aide the Top Growing Healthcare Job in the US

San Francisco, CA 08/17/16 · When it comes to the vast field of...

Bauhaus Restaurant Looking to Hire More Canadian Chefs to Keep Up With Demand

Vancouver, British Columbia 08/16/16 · In just one year, Bauhaus Restaurant has become...

Corporate Gifts for Public Relations? Why Not!

San Francisco 08/01/16 · Many companies spend tens of thousands of dollars...

Heero: the Perfect 3D Printing Partner Monitors & Controls Progress

Brisbane, Australia 07/21/16 · Heero: Aussie Design Team Launches Kickstarter for Device...

Wharton MBA Students to Release World’s First Consumer Smart-Mirror

NEW YORK 07/20/16 · A team of Wharton MBA students announced that...

Gallery Pouch Protects your Artwork During Shipping

Dallas, Texas 07/14/16 · Great protective packaging when shipping all delicate objects...

SAP Shows Further Commitment to the SME Market by Hiring New President

London, UK 07/14/16 · If, when you think about SAP SE's main...