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Home > Property Insurance Coverage > Home Owners Insurance > Markham General Insurance Company
Markham General Insurance Company
Markham General Insurance Company was an insurance company offering auto, property and certain other insurance policies.
Markham General Insurance Company was licensed under the Insurance Act and regulated by the provincial Superintendent in the provinces in which it operates. MGIC was a member of the Property & Casualty Insurance Compensation Corporation.
Pursuant to the provisions of Section 161 of the Winding-up and Restructuring Act the priority of claims in the liquidation are as follows; Claims of preferred creditors specified in Section 72 of the WURA; Claims of policyholders having claims for loss under their policies; Claims of policyholders for unearned premium refunds; Claims of ordinary creditors; and All other claims.
Markham General Insurance Company In Liquidation has prepared a Privacy Policy in accordance with Personal Information Protection and Electronic Documents Act. The Privacy Policy can be viewed in PDF format.
The unpaid balance of your claim has been recorded in the estate of Markham for future dividend payment if dividends are paid on account of premium refund claims. Under the Winding-up and Restructuring Act, claims for refund of premium rank below other policyholder claims. Based on the information presently available, the Liquidator does not anticipate that there will be funds available for dividends on account of premium refunds.
Canada's property and casualty insurance companies fund a special program, approved by government regulators, to protect policyholders and claimants when an insurance company fails. The Property and Casualty Insurance Compensation Corporation is an industry funded non-profit organization which responds to claims of policyholders under most policies. You do not need to apply for protection; it is extended automatically to eligible policies.
Insurance is a way to manage risk by providing you with the support to face financial losses due to a tragedy or accident. It involves paying a premium according to the property subjected of insurance and the type of protection you want to give it among other aspects.
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