Auto Insurance Claims: Accident in a commercial vehicle - insurance question., Insurance Company Bankrupt

Question
My husband is an owner/operator of a taxi and pays a large amount of money a month for insurance.  We were in a fender bender over the weekend. My husband contacted his insurance agent and was informed someone from the claims department would call him.  Somebody called my husband later in the day saying that he was an investigator - he didn't specify who he worked for.  He did not ask my husband any questions about the accident and informed my husband that his insurance company was going bankrupt. My husband said he did think his insurance agency was going bankrupt and that the investigator should speak with my husband's agent.  If for some reason my husband's insurance company is going bankrupt, is he still insured?

Answer
Yes.  This situation can be complicated, but consumers are generally protected by what is generally called a GUARANTEE FUND, which is normally set up by the State Government to take over insurance claim payments when a company becomes insolvent.

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