Insurance Company of the Americas Auto Insurance Company

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Things to Remember...
  • Insurance Company of Americas was a property and casualty insurance provider
  • Insurance Company of Americas worked with contractor employee leasing companies
  • Insurance Company of Americas no longer is able to provide insurance products

This Insurance Company of the Americas Auto Insurance Company Review explores the Insurance Company of the Americas.

Insurance Company of the Americas was originally licensed in the state of Florida, but established insurance operations in the state of New York and elsewhere.

According to the scope of examination filed in 2006, the company received a status of adverse findings relating to prior financial examinations. The company was initially cited in 2003 according to Section 607.1601(2), Florida Statutes.

The Insurance Company of the Americas was in receivership in 2006, according to Florida Department of Financial Services documents.

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Insurance Company of the Americas Products and Services

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According to information previously distributed by the Oriska Insurance Company, the Insurance Company of the Americas worked with contractor employee leasing companies.

The company offered as “pay as you go” payment structured to conserve client cash flow. Construction contractors referred by other clients were Insurance Company of America’s focus towards the end of ICA’s operating life.

The company’s information about a multiple coordinated policy to help contractors bid more successfully on jobs by cutting costs on their insurance refers to the high-deductible policies once sold by ICA.

The deductible portion of a claims payment involves the insured’s contribution towards claim settlement.

ICA collected premiums on these specialty high-deductible policies, and the insured party’s claims caused ICA’s liabilities assets to increase.

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Insurance Company of the Americas Markets

According to information previously offered by the Oriska Insurance Company, the federation proposed to provide affordable contractors insurance to clients in:

  • Mississippi
  • New York
  • Florida
  • New Jersey
  • the District of Columbia
  • West Virginia
  • Utah
  • Pennsylvania
  • Illinois
  • Indiana
  • North Carolina
  • Tennessee
  • Louisiana
  • Oklahoma
  • Wisconsin

Insurance Company of the Americas and James M. Kernan

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In March 2009, James M. Kernan and his wife, Marlene M. Kernan, pled guilty to criminal charges brought against them by the New York State Department of Insurance, the Federal Bureau of Investigation, and local police in Oriskany, New York.

The Kernans acknowledged that they hired a known convicted criminal to work as the company’s Director of Operations.

The employee, Robert J. “Skip” Anderson was previously convicted of bankruptcy and bank fraud, grand theft, conspiracy, and mail fraud.

He helped the Kernans to develop and market insurance programs to client companies, according to information reported by News Channel 2, WKTV in Utica, New York.

James Kernan was sentenced to five years’ probation and a $250,000 fine, along with 400 hours of community service.

Kernan faced the loss of his insurance and legal licenses in 2010 as a result of felony convictions. Marlene Kernan was sentenced to two years’ probation and a fine of $182,708.

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