The Real Deal Miami

Insurance trust teeters on brink

December 19, 2008 11:16AM

Regulators claimed the Beach Wind-Storm Self-Insurance Trust, which
partially insures 18 condominiums in Palm Beach and Broward Counties,
is no longer solvent. The state Office of Insurance Regulation plans to
revoke its license Monday. Trust chairman John Vivenzio said he plans
to file a petition protesting the plan on Friday. Tom Zuell, a
spokesman for the Department of Insurance Regulation, said officials
are concerned that the trust will not have the money to pay claims. A
state audit of the trust’s financial statements in June found the
organization had a surplus of only $100.