Michigan Adjusts Insured Claim Caps for P/C Guaranty Association

The Michigan Department of Insurance and Financial Services has adjusted the insured’s net worth limit and covered claim cap for determining the status of a claim against the state’s Property and Casualty Guaranty Association.

Director Patrick McFarland has set the insured’s net worth limit at $29,700,000 and the insured’s covered claims cap at $5,880,000. The amounts are effective Jan. 1, 2016, through Dec. 31, 2016.

The director is required to certify annually the U.S. Consumer Price Index (CPI) adjusted calculations of an insured’s net worth limit and an insured’s covered claim cap.

Source: Michigan Department of Insurance and Financial Services