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Insurance company forced to exit New York due to financial constraints

Adirondack Insurance Exchange, a company based in Williamsville, N.Y., recently sent a letter to its customers notifying them of its deteriorating financial position. The letter stated that customers would need to find a new insurance provider as the company would no longer be able to provide coverage. This news came as a shock to many policyholders, including Sarah Andrews, a North Collins woman who had taken out a policy with Adirondack.

Andrews, who was involved in a serious car crash last year in Erie County, filed a lawsuit against Adirondack after the company denied her $300,000 claim. Her attorney, Daniel Perrone, stated that Andrews suffered a broken arm in three places and has permanent damage as a result of the accident. Perrone also mentioned that Andrews was never informed about the company’s financial issues when she initially signed up for coverage. The lawsuit is seeking more than $300,000 in compensation from Adirondack, with the company having until mid-September to respond.

David Kirst, AAA of Western and Central NY’s Insurance Sales and Operations Manager, commented on the situation, stating that Adirondack’s financial issues led to their decision to pull out of providing insurance in New York State. He emphasized the importance of staying informed about any changes in insurance coverage and recommended seeking help from an agency to find the right plan. Kirst also advised customers to be cautious of choosing the cheapest policy, as reliability should be a priority when selecting an insurance provider.

In light of Adirondack’s announcement, many customers are now faced with the task of finding a new insurance provider. Kirst suggested shopping for insurance sooner rather than later, as rates can increase over time. He also mentioned that paying a little more for a reliable policy is worth it in the long run, as underpriced policies can lead to issues like those experienced by Adirondack.

As customers navigate the transition to a new insurance provider, Adirondack Insurance Exchange has assured policyholders that they will receive pro-rated refunds for any paid premium covering the period after cancellation. The company also stated that they would provide monthly communications to support the transition process. However, attempts to contact Adirondack’s local office in Williamsville were unsuccessful, as there were no cars in the parking lot and phone service employees were unable to connect callers with company representatives.

Overall, the situation with Adirondack Insurance Exchange serves as a reminder of the importance of staying informed about changes in insurance coverage and selecting a reliable provider. Customers affected by the company’s financial issues should take proactive steps to secure new coverage and ensure their financial protection moving forward.

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