INTERCONTINENTAL MARINE SERVICE CORPORATION
|Company Demographic Information|
|Name of Company:||INTERCONTINENTAL MARINE SERVICE CORPORATION|
|Case Number:||2009 1568|
|Type of Coverage:||Warranty|
|State of Domicile:||Florida|
|Status of Receivership:||Closed|
|Important Receivership Dates|
|Date of Rehabilitation:||N/A|
|Date of Liquidation:||N/A|
|Policy Cancellation Date:||December 18, 2009|
|Claims Filing Deadline:||February 28, 2011|
|Date of Discharge:||April 30, 2014|
Notice of Receivership
On December 18, 2009, Intercontinental Marine Service Corporation d/b/a First Warranty Group of Florida ("IMSC") was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services was previously appointed as Receiver of IMSC on July 28, 2009, when the company consented to be placed in receivership for purposes of rehabilitation. Unfortunately, after the Receiver had the opportunity to review the books and records of IMSC, it became clear that the company lacked the financial resources for a successful rehabilitation.
On November 12, 2010, the Court issued an order extending the claim filing deadline in the IMSC estate until February 28, 2011.
IMSC was a Florida corporation that was licensed in Florida in 2003. The company previously issued motor vehicle service agreements and service warranty agreements in Florida, Texas, North Carolina and Oklahoma. In October, 2007, IMSC surrendered its Florida insurance license. At this time, it is estimated that the company had approximately 10,000 in-force policies in Florida and other states.
All warranty agreements written by IMSC were cancelled as of 11:59 p.m. on December 18, 2009, the date of liquidation. The Receiver previously sent a notice of the liquidation proceeding to the known IMSC warranty policyholders. The Receiver also sent a notice of the liquidation to the automobile dealers which sold the company's warranties and asked for their assistance in notifying warranty policyholders of the policy cancellation and other matters pertaining to the receivership.
THERE IS NO GUARANTY ASSOCIATION COVERAGE FOR WARRANTY AGREEMENTS
The lack of guaranty association coverage impacts both the warranty/policy cancellation date and claims payments.