Florida Agents Beware

The Florida Department of Financial Services reminds agents to ensure the insurance companies they consider representing are authorized in Florida, before offering their products to consumers.

Lately, a known unauthorized entity has again begun soliciting Florida business via unsolicited faxes to licensed agents, agencies and warranty salespersons. The entity, International Water Safety Foundation (IWSF), was the subject of an Immediate Final Order issued on October 15, 2003, by the Office of Insurance Regulations. It ordered they “cease and desist from acting or holding itself out to be an insurer in this state, transacting any new or renewal insurance business in this state and from collecting any premiums from Florida insureds.”

Also know as International Water Marine Safety Foundation and International Marine Safety Foundation, the entity hails from Canada and claims to have offices in England. IWSF claims to be the holder of a Master Policy issued by North American Marine & General Insurance Company Limited (NAMGIC). NAMGIC was also ordered to cease and desist in the same order above. IWSF offers insurance for all-terrain vehicles, personal watercraft, boats, and other specialty and commercial craft.

IWSF has left a trail of unhappy Florida consumers with unpaid claims. One claim was purportedly denied because the owner was not onboard his vessel when it sank at its mooring. 

If you choose to offer insurance from this or any unauthorized entity, you will be violating Florida Law (§626.901, Florida Statues, among others), you will be liable for losses sustained by your client when not paid by the unauthorized entity, and you will be committing a third degree felony (§626.902, Florida Statutes), punishable by imprisonment for up to five years and a fine of up to $5,000 on the first offense.

Protect your license and your clients. Report contacts from unauthorized insurers to the Florida Department of Financial Services, Bureau of Investigation at (850) 413-3136 or TALSIU@FLDFS.COM.