Are there limits on the amount paid by IIGF for covered claims?

Yes. Most covered claims are "capped" at a certain amount by Illinois statute.  These maximum payment amounts have been increased periodically since the creation of the guaranty fund.  The applicable cap for a specific claim is determined by the liquidation date of the insolvent company that wrote the policy.  For a full explanation, view the Illinois Department of Insurance website.  To determine the insolvency date of a company, use the Insolvencies tab, above.

Insolvent companies for which entry of an Order of Liquidation occurs on or after January 1, 2011:

  • $500,000 for most covered claims, except workers' compensation
  • No limit on covered workers' compensation claims
  • $10,000 refund of unearned premium, subject to a $100 deductible

Entry of an Order of Liquidation occurs on or before December 31, 2010:

  • $300,000 for most covered claims, except workers' compensation
  • No limit on covered workers' compensation claims
  • $10,000 refund of unearned premium, subject to a $100 deductible

Entry of an Order of Liquidation occurs before January 1, 1988:

  • $150,000 for most covered claims, except workers' compensation
  • No limit on covered workers' compensation claims
  • Refund of unearned premium is subject to a $100 deductible

Entry of an Order of Liquidation occurs before October 1, 1977:

  • $100,000 for most covered claims, including workers' compensation
  • Refund of unearned premium is subject to a $100 deductible

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