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Dover Bay Insurance - Any experience?
Posted on 6/21/22 at 10:15 am
Posted on 6/21/22 at 10:15 am
Our homeowners insurance company (Southern Fidelity) went tits up.
It looks like our only options that we can find for a replacement are Citizens (the one run by the state of LA) and Dover Bay Insurance.
Dover Bay appears to be a subsidiary of State Farm. They are a surplus lines company - meaning they are not an admitted carrier in Louisiana and they are not covered by LIGA in case they also go under.
Having a surplus lines policy makes me very nervous. I'm thinking, though, that if they are part of State Farm... and if State Farm collapses... then we are probably all screwed anyways.
So... any experiences with Dover Bay?
Also... anyone know of companies writing currently in St. Bernard besides Dover Bay and Citizens?
It looks like our only options that we can find for a replacement are Citizens (the one run by the state of LA) and Dover Bay Insurance.
Dover Bay appears to be a subsidiary of State Farm. They are a surplus lines company - meaning they are not an admitted carrier in Louisiana and they are not covered by LIGA in case they also go under.
Having a surplus lines policy makes me very nervous. I'm thinking, though, that if they are part of State Farm... and if State Farm collapses... then we are probably all screwed anyways.
So... any experiences with Dover Bay?
Also... anyone know of companies writing currently in St. Bernard besides Dover Bay and Citizens?
7
Posted on 6/21/22 at 10:28 am to LSUFanHouston
I’d go Dover Bay over Citizens 10/10 times.
Posted on 6/21/22 at 10:30 am to TDsngumbo
quote:
I’d go Dover Bay over Citizens 10/10 times.
Dover Bay is also about 2K / yr cheaper... so just wanted to make sure I wasn't missing something.
2K / yr cheaper is still more than twice what I was paying...
Posted on 6/21/22 at 10:31 am to LSUFanHouston
I have Dover Bay through State Farm. It's more expensive every month than some of the others, but I had same idea as you. If State Farm goes under we all screwed and no one can live here anyway.
I'm in Jeff Parish close to lake*
I'm in Jeff Parish close to lake*
This post was edited on 6/21/22 at 10:32 am
Posted on 6/21/22 at 10:35 am to Coatesbathroom
Dover bay going under has nothing to do w State Farm going under. Make no mistake.
Posted on 6/21/22 at 10:37 am to Coatesbathroom
quote:
It's more expensive every month than some of the others
Hmmm. For us it's cheaper than Citizens but that's the only other option I am aware of... unless something else is out there.
Posted on 6/21/22 at 10:37 am to Chad504boy
quote:
Dover bay going under has nothing to do w State Farm going under. Make no mistake.
Can you discuss this further? Does State Farm not have an obligation to bail out Dover Bay?
Posted on 6/21/22 at 10:40 am to LSUFanHouston
they are independent companies. state farm actual insurance paper has no obligation to bail out dover bay if it were to go belly up. that being said, its am best a rated paper. most commercial properties in south la are written on surplus lines paper.
Posted on 6/21/22 at 10:40 am to Chad504boy
Now that's gonna make me call my State Farm Agent and bitch them out and find out what extra liability I'm under if Dover just folds up.
Posted on 6/21/22 at 11:20 am to LSUFanHouston
No LIGA coverage is scary as F. I would want to see how much re-insurance they carry and how much of their portfolio is based on policies written in the Gulf South. A bad hurricane season could bring an insurer under if they do not have good reinsurance and of they have too many policies in hurricane prone areas.
Posted on 6/21/22 at 11:31 am to LSUFanHouston
Filing claims, communicating with adjusters, getting info and documentation to the proper parties, etc is made exceedingly difficult in order to weed out those clients willing to take more of a financial hit to avoid the hassle.
If you stick with it and fight to the end, you will eventually get what's owed. Basically the same as any insurance company, but Dover Bay doesn't use any of State Farm's online tools that make things a lot easier.
Has to be better than Citizens but still sucks.
We are all in the same boat. Insurance is a bitch right now.
If you stick with it and fight to the end, you will eventually get what's owed. Basically the same as any insurance company, but Dover Bay doesn't use any of State Farm's online tools that make things a lot easier.
Has to be better than Citizens but still sucks.
We are all in the same boat. Insurance is a bitch right now.
Posted on 6/21/22 at 11:33 am to tigahbruh
Anyone seeing this further inland (Baton Rouge Area)?
Posted on 6/27/22 at 2:05 pm to Chad504boy
It's a good question. Dover Bay is a Wholly Owned Subsidiary of State Farm Insurance Company. My State Farm Rep in Metairie says that if Dover Bay goes insolvent, then State Farm will step in and pay the claim. However, when I asked for that in writing they would not give it. I called 2 other State Farm agents and the Louisiana Department of Insurance. They verbally said they thought that State Farm would step in and pay if Dover Bay went insolvent, but noone had written proof. Does anyone have a Dover Bay Policy that says State Farm Will Back them up?
Posted on 6/27/22 at 2:11 pm to coast2cos
quote:
Rating movement could also potentially occur if the company’s strategic importance to SFMAIC or the explicit support provided by SFMAIC were to diminish.
LINK ).
Now ask yourself this, if its not guaranteed in writing, how quickly could "support diminish" if shite were to hit the fan...
Posted on 6/27/22 at 3:30 pm to Chad504boy
I totally agree. Need to get it in writing. Just called my agent again and she verbally guaranteed that all Dover Bay Claims are backed by State Farm in cases of insolvency. I asked for it in writing and am waiting for a call back from the head agent. The problem is that the only other policies I can find are Citizens and Chubb. Chubb is Very expensive and has a very high deductible ( I believe $18,0000) with a premium of about $14,0000 annually. So, if anyone can find written proof and post it online that State Farm backs Dover Bay policies in case of insolvency, I would love to see it. Thanks
Posted on 6/27/22 at 3:46 pm to coast2cos
I was told by my State Farm rep that they would back all claims by Dover Bay if insolvency. But, I'm looking through my paperwork and I don't see anything in writing.
This thread is making me nervous. Going to call them.
This thread is making me nervous. Going to call them.
Posted on 6/27/22 at 3:52 pm to Cenlabration
I’m an agent in FL. We don’t write through Dover here unless there’s significant surge exposure. However, it’s owned by mother mutual and is absolutely backed by SF.
Back when Andrew hit FL, State Farm mutual bailed out State Farm Florida due to the massive amounts of losses experienced. Dover bay is 100 times better than citizens.
Citizens should always be the last resort.
Back when Andrew hit FL, State Farm mutual bailed out State Farm Florida due to the massive amounts of losses experienced. Dover bay is 100 times better than citizens.
Citizens should always be the last resort.
This post was edited on 6/27/22 at 3:53 pm
Posted on 6/27/22 at 4:16 pm to DCtiger1
Thank you so much for posting this. Since you are an agent, could you possibly post some written documentation that supports this. I have spent about 6 hours today calling different agents around the country trying to get something is writing and I am failing. I have started the underwriting of the policy for Dover Ban because my old Southern Fidelity Policy (insolvent) expires on June 30th (not July 15th) and because there may be 2 storms in the gulf later this week. However, if I do not receive written proof from State Farm that they back Dover Bay, I will likely switch to Citizens in a month or so.
This post was edited on 6/27/22 at 4:24 pm
Posted on 6/27/22 at 5:27 pm to coast2cos
quote:
However, if I do not receive written proof from State Farm that they back Dover Bay, I will likely switch to Citizens in a month or so.
Who bails out Citizens and do you have that in writing?
Posted on 6/27/22 at 5:58 pm to jscrims
Great point. But yes, Citizen's is paid by the State of LA, so if the State of LA went bankrupt, then I assume your claim would not get paid. However, Dover Bay is a small company with a good rating, but a negative outlook. If I switch to Citizen's I would ask the Louisiana Dept of Insurance for written assurance that my claim would get paid if the state went under. (not that I have any other options except for Chubb).
This post was edited on 6/27/22 at 6:06 pm
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