Warning on Insurance Failure
Commissioner of Securities and Insurance Monica J. Lindeen reminds Westland Farm Mutual customers they have until Saturday, June 30, to move their homeowners insurance policies to another company. On June 30, all of Westland’s non-crop-hail insurance policies will be canceled, and customers who have not found replacement coverage will be uninsured.
In May, Lindeen issued an order putting Westland under her office’s supervision, citing the company’s diminishing cash reserves as a risk to its customers. The order barred Westland from selling any new homeowners insurance policies and required Westland to cancel all existing homeowners policies on June 30 to protect customers from unpayable claims.
Westland will continue to sell crop-hail insurance policies, which are fully backed by larger, national companies. All of Westland’s existing crop-hail policies will remain in effect. Press secretary Lucas Hamilton has more on the notice to consumers below.
Lindeen spokesman Lucas Hamilton