Tuesday, November 29, 2022

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surplus lines broker.

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What is the purpose of surplus lines insurance?
Surplus lines insurance protects against a financial risk that is too high for a regular insurance company to take on. Surplus line insurance can be used by companies or purchased individually. Unlike normal insurance, this insurance can be bought from an insurer not licensed in the insured's state.
What is a surplus line producer?
Surplus line insurance is insurance placed with unauthorized insurers through surplus line agents or producers. A surplus line producer is one licensed to procure insurance under DC Code 31-2502.40.
How is a surplus lines or wholesale insurance broker different from a typical insurance agent or broker?
There are two types of wholesale brokers: managing general agents and surplus lines brokers. The latter work with retail agents and insurers to obtain coverage for the insured. Unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.
What is an excess and surplus lines insurance company?
Simply put, Excess & Surplus lines (E&S) is a specialty market that insures things standard carriers won't cover. The difficult or high-risk exposures in which E&S carriers specialize may range from a mobile home or a day care center to a multinational oil company. And anything in between.