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