SafePoint is Bringing Louisiana Peace of Mind

We have been authorized by the Louisiana Department of Insurance to write Personal Property business in the state of Louisiana.

Safepoint was launched in November of 2013. The Company has been assigned an AM Best Rating of B and a Financial Stability Rating® of A, Exceptional, from Demotech, Inc., leading providers of financial ratings for insurance companies.

Click here to read the entire press release!

Below is important information for agents and insureds pertaining to SafePoint's introduction into Louisiana

About SafePoint Insurance

SafePoint is an admitted insurance company based in Tampa Fl, specializing in residential property insurance products. Safepoint utilizes independent insurance agents to sell our products. With over $40 Million in policyholder surplus and local presence, Safepoint has the resources to protect your client's most important assets.

  • Our Management Team is comprised of experienced professionals with over 75 years in the insurance industry.
  • Our mission is to offer superior customer service, comprehensive coverages, expedited claim service and to give your policyholders peace of mind.
  • Our policy issuance system is a state of the art, cloud-based system that provides efficient yet secure access to customer records. We are easy to do business with!

SafePoint Product Offerings for Louisiana Homeowners

Homeowners Insurance

Homeowners insurance provides financial protection in the event that your home or personal property are damaged. Homeowners insurance is designed to offer protection on the most valuable asset owned by individuals or families. Homeowner's insurance policies include protection for both the home and the property that it sits on, as well as other buildings or structures on the property. Homeowners insurance also provides protection for most items located within the home or other structure. Policies also provide liability coverage to protect you or a family members that are held legally responsible (liable) for the injuries to others or to their property.

  • Homeowners HO-3 Form
    (Owner Occupied Homes)

    This Homeowner's Insurance policy offers protection on owner occupied home for damage to the home and personal property as well as providing liability coverage.
  • Homeowners HO-4 Form
    (Tenants Insurance)

    This Homeowner's Insurance policy offers protection for the personal property and liability of individual that rent the home or apartment there in.
  • Homeowners HO-6 Form
    (Condo Insurance)

    This Homeowner's Insurance policy offers protection for the owner of condominium units. It protects the unit owner interior space and their personal property and liability coverage.

Click here to download a SafePoint to Citizens Homeowners Coverage Comparison Chart.

Dwelling Fire Insurance

Dwelling Fire insurance provides financial protection in the event that your investment property and your personal property within it are damaged. Dwelling insurance is a type of insurance that covers the structure of your Property and the personal property within. It's similar to homeowner's insurance but less comprehensive. Dwelling insurance can be purchased to cover a home you live in (in some cases), or it can be purchased for homes that you own, for example a rental property or vacation property. These policies typically cover the structure. Dwelling insurance covers certain and specific perils, hazards that can damage your property.

  • Dwelling Fire DP1 Form
    (Insurance is Named Risk Coverage)

    The DP1 insurance policy is a named perils insurance policy. This means that all the perils that are insured are specifically listed (or named) in the policy itself. The insurance coverage is restricted to the perils that show up in the policy.
  • Dwelling Fire DP3 Form
    (Insurance is Open perils Coverage)

    The DP 3 insurance is best suited for rental properties or non-owner occupied homes. The DP 3 is an open peril policy. Open peril policies, are insurance policies that cover all possible perils, with the exception of a small list excluded from the policy.

Click here to download a SafePoint to Citizens Dwelling Fire Coverage Comparison Chart.

 

Louisiana Citizens Property Insurance Corporation Depopulation Process

INTRODUCTION

Through the depopulation process new or existing private insurance companies can assume policies currently covered by Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) and renew their coverage on the Safepoint Insurance Company policy forms.

Through this process, Louisiana Citizens can transfer policies back to the private insurance market. This benefits all property owners by preventing or reducing assessments charged to all property insurance consumers.

TIMELINE AND REQUIREMENTS FOR ASSUMPTION

The assumption date for this year is December 1, 2015. This is the date when Safepoint Insurance Company will assume the approved policies from Louisiana Citizens Property Insurance Corporation. The procedures and dates to effect this assumption are incorporated into the steps below:

  • Step 1. Safepoint may request, for purposes of depopulation and subject to an appropriate confidentiality agreement, an initial data file of policies currently in force and eligible for assumption through Louisiana Citizens. Using this data file, Safepoint will identify those policies it wishes to take out.
  • Step 2. After selection of the "take out" policies, in accordance with LSA-R.S. 22:1474, Safepoint must secure approval from the current agent to assume the business. Between September 1, 2015 and November 16, 2015 Safepoint will work with agents to seek final agent approval on individual policies. To facilitate the agent authorization process, Citizens' web portal will be used, which can be accessed through the Louisiana Citizens' website, www.lacitizens.com. Insurers will access the portal through a secure log in and ‘request' the policies they wish to assume. The portal will be made available to insurers on September 1, 2015. This portal will be available to agents on October 1, 2015. Agents can access the portal and authorize one company to assume each of their policies. While agents may represent multiple depopulation insurers they will not authorize an individual policy to more than one depopulation company. Agents should not authorize any policies which do not meet the insurer's underwriting standards and should remain with Citizens.
  • Step 3. Insurers must have their companies' Form A and Rates and Regulations approved and be approved to do business in Louisiana by the Louisiana Department of Insurance, on or before October 1, 2015.
  • Step 4. Access to the portal to make changes will be terminated on November 16, 2015 - 14 (fourteen) days prior to the policies being transferred to the insurer. LCPIC will examine the data, check to remove any policies that are not in force, and mark the producer approved policies for take-out with the appropriate depopulation company. This list will be sent to the companies on or around November 20, 2015.
  • Step 5. The assuming insurer shall mail a certificate of assumption to each assumed policyholder confirming the assumption. This certificate shall be mailed between November 25, 2015 and November 30, 2015, and the agent should be copied. The certificate needs prior approval of both the Louisiana Department of Insurance and Louisiana Citizens. A separate letter to the insured and producer will also be mailed from Louisiana Citizens, informing them of the assumption. On November 20, 2015 Louisiana Citizens will issue Assumption Agreements to the depopulation companies covering the selected policies. The assumption agreement must be reviewed and approved by the Louisiana Department of Insurance. The Assumption Agreements will be effective December 1, 2015. Depopulation insurers will be responsible for the handling of losses on their assumed policies from December 1, 2015. Louisiana Citizens will continue to renew any assumed policies on their paper until March 1, 2016 when depopulation carriers will provide replacement policies on their paper.
  • Step 6. Any policyholder wishing to 'opt out' of the assumption and remain with Louisiana Citizens can do so till January 31, 2016. This gives the policyholder sixty (60) days after their policy has been assumed. The producer shall complete and sign the Request to Continue Coverage Form available on our website to effect a policyholder opt out.

 

Louisiana Citizens Property Insurance Corporation Depopulation Program Frequently Asked Questions

1. What are the key points for an agent to consider?

Agents should have discussions with depopulation companies regarding the following:

  • Financial stability of the depopulation insurers
  • How coverage forms and rates will compare with Louisiana Citizens.
  • A key issue in handling renewals will be insurance to value – producers should evaluate any impact of ITV on renewal premiums
  • Other products the depopulation insurer will provide.
  • Review of business methods of the depopulation carrier(s)
  • Acceptable agent contracts and compensation
  • When the depopulation insurer begins to write policies on their paper it is expected they will handle these conversions as renewals; however, this should be confirmed with the depopulation insurer

2. What are the key dates that concern the agent?

Between September 1, 2015 and November 16, 2015, the take out companies will ‘request' policies on the new web portal. Effective October 1, 2015, agents can access the web portal and authorize each policy to a take out company for assumption. Agents will also have access to the portal till November 16, 2015.

3. What id and password should be used to access the Depopulation portal?

LCPIC has simplified the process for agencies to access the Depopulation portal. The Agency Portal ID and Password that is used to access the Agency portal should be used to access the Depopulation portal. From the Agency portal, select the Depopulation Portal from the Quick Links menu for easy access to the Depopulation portal. There is no need to register to obtain a separate id and password for Depopulation.

4. How does an agent authorize a policy on the web portal?

The Agency portal will exhibit all the agents' policies, and the take out companies that have requested each policy. The agent can only pick one company for each policy. If only one company has requested a policy, the producer needs to pick the company in the appropriate field, authorizing the assumption. If no company is picked, the policy will stay with Citizens.

5. What is the difference between Round 8 and Round 9 of depopulation?

Round 8 of depopulation had an assumption date of December 1, 2014. We are now in the process of implementing Round 9 of depopulation, with an assumption date of December 1, 2015.

6. What happens if an agent does not authorize assumption of a policy?

If an agent does not approve a policy for assumption, it will remain with Citizens.

7. Will the take out company provide the same coverage as Citizens?

Coverage should generally be the same as Louisiana Citizens, but there may be some differences. Agents should review the take out companies' forms approved by the Louisiana Department of Insurance and make sure that coverage is appropriate for policyholders.

8. How will the take out companies' rates differ from those of Citizens?

The companies involved in the take out process have generally agreed to provide the same or better rates as Citizens. However, this may vary by company and by policy, and should be confirmed with the company. Agents should review the take out companies' rate structure as approved by the Louisiana Department of Insurance.

9. Will the Agent be affected if a policy is assumed?

The current agent will remain the agent of record on all policies assumed by a depopulation company.

10. How will policy changes be handled?

Citizens will continue to maintain the policy until expiration. Citizens will also renew assumed policies until February 28, 2016. The take out company will renew the policy on their paper starting March 1, 2016.

11. How will losses be handled?

All losses on assumed policies will be handled by the take out companies from December 1, 2015. Depopulation carriers will have access to their policies from December 1, 2015. Losses occurring prior to December 1, 2015 will be handled by Citizens.

12. Will there be additional depopulations after this round?

Future depopulation rounds are planned to occur at least once every year.

13. Will the take out companies be writing policies in the voluntary market?

Several depopulation companies are writing in the voluntary market.

14. Will policyholders be notified?

Prior to December 1, 2015 producers and policyholders will be formally notified of the assumption by both the depopulation insurer and Louisiana Citizens.

15. Can a policyholder opt out of the assumption?

Yes, the policyholder can opt out of the assumption, till January 31, 2016. The form (Request to Continue Coverage) is available on the Citizens website. If a policyholder opts out of the assumption and chooses to continue their coverage with Citizens, the policy will be 'unassumed' and Citizens will take the policy back

Louisiana Specific Contact Information

Customer Service

Phone: 855-243-9740
Fax: 813-534-5096
underwritingla@safepointins.com
billingla@safepointins.com

Payment Submission

Safepoint Insurance Company
P.O. BOX 292547
Tampa, FL 33687

Overnight Mail

Safepoint Insurance Company
8761 N 56th Street
Box 292547
Tampa, FL 33617

 

Customer Service

Phone: 855-243-9740
Fax: 813-534-5096
underwritingla@safepointins.com
billingla@safepointins.com

Payments

Safepoint Insurance Company
P.O. BOX 292547
Tampa, FL 33687

Overnight Mail

Safepoint Insurance Company
8761 N 56th Street
Box 292547
Tampa, FL 33617