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Exotic Warranty Out of Business

Discussion in 'Ferrari Discussion (not model specific)' started by W.Aldo, Apr 19, 2006.

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  1. W.Aldo

    W.Aldo Rookie

    Apr 19, 2006
    19
    #1 W.Aldo, Apr 19, 2006
    Division of Rehabilitation and Liquidation
    Company Information - The Exotic Warranty Company ("Exotic")
    Name of Company: The Exotic Warranty Company
    Date of Liquidation: April 12, 2006
    Policy Cancellation Date: April 12, 2006
    Claims Filing Deadline: April 12, 2007
    Guaranty Association: None
    Type of Coverage: Unauthorized Insurer
    State of Domicile: Florida
    Status of Receivership: Liquidation


    On April 12, 2006, The Exotic Warranty Company ("Exotic") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services is the court appointed Receiver of Exotic.

    Exotic, a Florida corporation since January 2003, was headquartered in Bradenton, Florida. Investigation by the Office of Insurance Regulation and the Florida Department of Financial Services discovered that Exotic was selling motor vehicle service agreement contracts ("warranties"), an insurance product. Exotic was not licensed to conduct insurance business in Florida and was therefore considered an unauthorized insurer.

    At the time of liquidation, Exotic provided car, boat and RV warranties to over 1,000 warranty owners in at least 43 states and four foreign countries. By court order, the warranties are cancelled effective April 12, 2006. The Receiver is in the process of sending notices of the liquidation proceeding and warranty contract cancellation to all known warranty owners and the dealerships that handled the sales of these contracts. Currently, the Receiver is aware of ten claims submitted to Exotic for warranty coverage. Additionally, as a result of the April 12, 2006 cancellation, certain warranty owners may be entitled to a return of some of the contract price they paid for coverage. There is no guaranty association coverage for claims arising under either unauthorized insurers or motor vehicle service agreements.

    It is the claimant's responsibility to notify the Receiver, in writing, if there is a change in their name or mailing address. When corresponding with the Receiver, be sure to reference "Exotic Warranty Company" and the "Receiver's Identification Number", which will allow the Receiver to associate your request with the correct claim and receivership.



    http://www.fldfs.com/Receiver/ExoticWarranty/company_info.htm
     
  2. Simon^2

    Simon^2 F1 World Champ

    Oct 17, 2005
    12,313
    At Sea Level
    #2 Simon^2, Apr 19, 2006
    Are you associated with this business or do you represent them? Or did you post this as a Public service? Just seems like an unusual first post?
     
  3. BigAl

    BigAl F1 Veteran

    Mar 17, 2002
    6,146
    TX
    Full Name:
    GSgt Hartman
    #3 BigAl, Apr 19, 2006
    does seem an odd first post.....
     
  4. richard

    richard Formula 3

    Nov 3, 2003
    1,404
    Los Angeles
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    Richard Thompson III
    #4 richard, Apr 19, 2006
    Maybe you guys are forgetting, but this is the company owned by F-Chatter "bentasm1" or Ben Evans. IIRC, there was a huge dispute here a while back where another F-Chatter accused them of committing fradulent business practices.

    Looks like the results are in.

    EDIT: Here is the related thread:
    http://ferrarichat.com/forum/showthread.php?t=57914
     
  5. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #5 SrfCity, Apr 19, 2006
    Keep an eye out for them resurfacing as another company. Werent they a division or associated with Fidelity? Fidelity is still the underwriter for a lot of these extended warranty companies.
     
  6. Fastviper

    Fastviper F1 Rookie

    Nov 20, 2003
    4,525
    Texas
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    Dash
    #6 Fastviper, Apr 19, 2006
    WOW quick I was looking for the same thing.

    I KNEW IT!!!
     
  7. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
    36,941
    Cowboy Capitol of the World
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    Brian Crall
    #7 Rifledriver, Apr 19, 2006
    The real thread is gone.

    Maybe there is Karma afterall.
     
  8. Fastviper

    Fastviper F1 Rookie

    Nov 20, 2003
    4,525
    Texas
    Full Name:
    Dash
    #8 Fastviper, Apr 19, 2006
  9. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
    4,274
    dusty old farm town
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    Tyler
    #9 Tyler, Apr 19, 2006
    Ouch....didn't several FChatters buy warranties? I was thinking Whart and a few others....
     
  10. W.Aldo

    W.Aldo Rookie

    Apr 19, 2006
    19
    #10 W.Aldo, Apr 19, 2006
    Please be assured that this is real. Click the link and read the court records. He has been notified to close the web sites. I who I am concealed at the moment as I have received personal threats due to this situation. I posted this for people that have purchased contracts from this company but may have moved so may not receive their notice the state is mailing.

    Fidelity Worldwide is not associated with Fidelity.
     
  11. Fastviper

    Fastviper F1 Rookie

    Nov 20, 2003
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    Dash
    #11 Fastviper, Apr 19, 2006
    Thanks w.aldo, There are a lot of people who are going to be depressed by this.

    Ben, Ben, Ben. I hope for your sake this is not true.

    By the way, Ben told me he spent millions becoming licensed in every state. It seems now he was not even licensed in his own state.

    On another note, Can I guess who you are? Are you Waldo from the Van Halen Video??
     
  12. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,931
    Arlington, VA
    #12 Robin, Apr 19, 2006
    Wonder if this means the orange 6.0 will be up for sale soon. Might have to rearrange the finances :)

    -R
     
  13. Etcetera

    Etcetera Two Time F1 World Champ
    Silver Subscribed

    Dec 7, 2003
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    C6H14O5
    #13 Etcetera, Apr 19, 2006
    Good. Maybe he can get an honest job doing something like sucking on Michael Jackson's anus.
     
  14. Cicero

    Cicero Formula 3

    Jul 27, 2004
    1,645
    #14 Cicero, Apr 19, 2006
    what is the reason for out of biz? bankrupt? just curious as to if the biz model just didn't work or the money was misallocated or overspent on some areas.
     
  15. W.Aldo

    W.Aldo Rookie

    Apr 19, 2006
    19
    #15 W.Aldo, Apr 19, 2006
    The link I previously provided only shows what I already posted. This link should take you to the area where you can pull up the court documents.

    http://www.fldfs.com/Receiver/ExoticWarranty/intro.htm

    This was a court ordered closing for non-compliance of codes in Florida and many other states.
     
  16. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner Social Subscribed

    Dec 1, 2000
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    Rob Lay
    #16 rob lay, Apr 19, 2006
    The main original thread isn't accessible anymore. I removed at the request of Ben and Paul Sloan (who I think just consulted EW). Well, request might be a nice way to put it, threat of lawsuit is another. :) Karma. All of this new information is different than before, the old thread was just simply a customer that wasn't happy with the payout, isn't that common with any warranty or insurance company?

    Moving this to Ferrari Discussion.
     
  17. Napolis

    Napolis Three Time F1 World Champ
    Honorary Owner

    Oct 23, 2002
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    Jim Glickenhaus
    #17 Napolis, Apr 19, 2006
    Good Move!

    :)
     
  18. W.Aldo

    W.Aldo Rookie

    Apr 19, 2006
    19
    #18 W.Aldo, Apr 19, 2006
    Rob does know who I am and I would like to respond to his posting. I will not mention names but the previous posting was justified and is what got me to thinking and got things corrected for many decieved customers.
     
  19. roytoy2003

    roytoy2003 F1 Veteran

    Jul 30, 2004
    9,591
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    Roy L. Cats
    #19 roytoy2003, Apr 19, 2006
    According to the Florida Department of Financial Services on April 12th 2006 "The Exotic Warranty Company" was liquidated. All contracts have been cancelled and any customers with claims or questions should contact the Florida Department of Financial Services at 1.800.882.3054.
     
  20. Etcetera

    Etcetera Two Time F1 World Champ
    Silver Subscribed

    Dec 7, 2003
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    C6H14O5
    #20 Etcetera, Apr 19, 2006
    Nice! :)
     
  21. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,370
    #21 frefan, Apr 19, 2006
    I was a EWC customer, not suprised by this.
     
  22. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
    Owner Rossa Subscribed

    May 4, 2001
    36,337
    Birmingham, AL
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    Tommy
    #22 Dr Tommy Cosgrove, Apr 19, 2006
    No wonder Paul got so mad at me when I was bad-mouthing that company a few months back
     
  23. abolfaz

    abolfaz Formula Junior

    Feb 1, 2005
    439
    Coral Gables
    #23 abolfaz, Apr 19, 2006
    What does Paul Sloan have to do with the company? What do these policies cost on average? I have a friend with a murcielago who says he paid $6k, I got quoted a little over $4k for my wifes Aston. At around 1000 customers, it really doesn't add up to much money, not enough to get in serious trouble over at least.

    I'm sure ben has a remedy for this situation, perhaps we should sit back until he responds...
     
  24. Fastviper

    Fastviper F1 Rookie

    Nov 20, 2003
    4,525
    Texas
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    Dash
    #24 Fastviper, Apr 19, 2006
    1000 customers times 5000 bucks is 5 million dollars. If you do not pay any claims, and lets say your office costs you a million over two years. BING! You pocket 4 mil. It really does add up.
     
  25. magwheel

    magwheel Karting

    Feb 23, 2006
    92
    Ohio
    Full Name:
    Michael Simon
    #25 magwheel, Apr 19, 2006
    Just out of curiosity.... why do you say that? BYW.... Nice rides.... what the hell are they doing in snow? Michael
     
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