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Effectively, this is the responsible party that ensures all aspects of the surplus lines placement are compliant with specific state regulations. This individual or agency is also responsible for reporting the placement to the affected state as required by that state's statutes. The broker should be very aware of each state's varied requirements with regard to due diligence, affidavit filings and reporting.
What else can I help you with?
What does excess and surplus lines refer to?
This is the license class that enables an insurance agent and/or agency to place large and/or hard-to-place insurance risks with non-admitted insurance carriers, also known as surplus lines or excess lines carriers. This class of insurance has very stringent filing and reporting requirements in many states including requiring zero reporting by the surplus lines broker.
What is the definition of a surplus?
A surplus is having too much of something.
What is the best definition of broker as it is used in the 5th paragrapgh?
To provide an accurate definition of "broker" as used in the 5th paragraph, I would need to see the content of that paragraph. Please share the relevant text, and I can help clarify the term's meaning in that context.
What is a surplus lines carrier?
A surplus lines carrier is an insurance company that provides coverage for risks that standard insurers typically do not underwrite due to their unconventional or high-risk nature. These carriers operate in a specialized market and are not necessarily licensed in every state, allowing them more flexibility in their underwriting and pricing practices. Surplus lines insurance is often used for unique or niche businesses, high-value properties, or specialized liability coverage. To engage with a surplus lines carrier, brokers must be licensed to place such insurance, ensuring compliance with regulatory requirements.
Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
What does excess and surplus lines refer to?
This is the license class that enables an insurance agent and/or agency to place large and/or hard-to-place insurance risks with non-admitted insurance carriers, also known as surplus lines or excess lines carriers. This class of insurance has very stringent filing and reporting requirements in many states including requiring zero reporting by the surplus lines broker.
What does the company Burns and Wilcox specialize in?
Burns & Wilcox is an independent insurance broker. They specialize in excess and surplus lines of insurance. They also offer car and homeowners insurance.
Where can you get tattoo artist insurance?
Specialty types of insurance such as this are best found through a broker. A broker, as distinct from an agent, usually has access to many markets for insurance, and work on behalf of the buyer of insurance. In contrast, historically, an agent works on behalf of one or a couple of insurers and therefore has access to a smaller variety of coverage. You may have to go to a "surplus lines" company for this kind of coverage. This is an insurer that sometimes writes "odd" sorts of risks that are not insurable through the customary insurance market. You will need to consult a surplus lines broker to deal with a surplus lines insurer. You must be very careful to make sure that whatever insurer you do use is legitimate. There have been many scams over the years where con artists have set up "fronts" that look like insurers, but which have no financial substance and have no intention of paying claims. Check with the insurance department of your state to ensure that the company is authorized to transact insurance in the state. If you go through a surplus lines company, there may be a separate entity called a Surplus Lines Service (or Stamping) Office. Surplus lines companies are regulated differently than domestic insurers, however, the regulation that is afforded provides a measure of security.
What is the definition of a surplus?
A surplus is having too much of something.
Where do you find homeowners insurance if you rescue dogs at your residence?
You need a surplus lines broker for that. Most insurance companies don't want that kind of risk. Be prepared to pay for it too. Good luck.
What is surplus lines insurance?
Surplus Lines Insurance is insurance that is not written through the admitted market. The insurance companies that are approved to write Surplus Lines business are not considered "admitted" or "licensed" by the states. The insured is not covered by the state Guarantee fund which means that if a surplus lines insurer becomes insolvent; the insured has no recourse in the event of a claim.
What is the definition of lavishly?
more then needed surplus (ADJECTIVE)
What is the definition of surplus in social studies?
Surplus means an excess or more than needed.
Definition of consumer surplus?
Consumer surplus - the difference between what a consumer is willing to pay and what they actually pay. Aggregate consumer surplus measures consumer welfare
What is the definition for grain broker?
buys and sell grains from farmers
What is the definition of consumer surplus?
Consumer surplus is the amount a buyer is willing to pay minus the amount the buyer actually pays.
Is the measure of the angle formed by two intersecting perpendicular lines is 90 degrees?
Yes, this can be considered the definition of perpendicular lines (or alternately, the definition of angular measurement). Perpendicular lines are lines that form an angle of 90 degrees.Yes, this can be considered the definition of perpendicular lines (or alternately, the definition of angular measurement). Perpendicular lines are lines that form an angle of 90 degrees.Yes, this can be considered the definition of perpendicular lines (or alternately, the definition of angular measurement). Perpendicular lines are lines that form an angle of 90 degrees.Yes, this can be considered the definition of perpendicular lines (or alternately, the definition of angular measurement). Perpendicular lines are lines that form an angle of 90 degrees.
