GE INSURANCE SUSPENDS CANCELLATIONS

Alabama, Louisiana and Mississippi Big “I” associations have been informed that the Big “I” Professional Liability Program provided by GE Insurance Solutions and underwritten by Westport Insurance Corp. suspended all cancellations and non-renewals on insurance agency professional liability policies issued after Aug. 19.

The moratorium is in effect until Oct. 31. No AIIA member in the Westport program will have the policy lapse until at least Nov. 1. Premium charges for policy extensions will be on a pro rata basis. All state laws will be followed and each policyholder will receive appropriate notice with specifics directly from Westport. In addition, GEIS parent General Electric donated $1 million to relief efforts through the Red Cross.

Other Alabama insurers offering suspended billing and grade periods for payments from Alabama customers affected by Hurricane Katrina include: AFLAC, ALFA, Allstate, Farmers, Nationwide and State Farm are instituting plans; and Blue Cross Blue Shield has suspended billings statewide.