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Home / Insurance / Puerto Rico Update: Real Legacy Confirms Insolvency Rumors – What's Next? Part II | Legal insurance blog for property insurance

Puerto Rico Update: Real Legacy Confirms Insolvency Rumors – What's Next? Part II | Legal insurance blog for property insurance



It has been two years since Real Legacy announced its insolvency 1 and only about 800 of the claims have been paid (excluding 430 cases that are still in court and all claims that had no agreement before 2 In other words, it may take another three or four years for Real Legacy insured to receive their Hurricane Maria payments.

In the coming weeks, a second payment plan will be presented to the Puerto Rican Insurance Commissioner, and after his approval an amount and date will be set for the second phase of Real Legacy benefits.

Many insured persons, especially commercial insured persons, express their disappointment both with insurance companies and with the insurance commissioner's office for not guaranteeing their insurance cover. Others require stricter laws on insurance companies to set aside sufficient reserves for to protect themselves ̵

1; but above all their insured – during catastrophic events such as Hurricane Maria where a large number of claims are submitted.

Together with Real Legacy, other insurance companies filed for insolvency after Hurricane Maria, including Integrand, which is still in its first phase of receiving application forms and has not made any payments to the insured or announced whether they will take any of the coverage . In the meantime, insureds who for many years have paid and trusted that these insurance companies would protect and cover damage to their properties and businesses, will have to keep waiting and hope that their damages will one day be paid.
______________________________________________________________ 1 https://www.propertyinsurancecoveragelaw.com/2019/01/articles/insurance/puerto-rico-update-real-legacy-confirms-rumors-of-insolvency-whats-next/ [19659005] 2 [19659007] Graves Atrasos de Aseguradoras Para Pagar Daños A Tres Años Del Huracán Maria . El Nuevo Dia. February 7, 2021.


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