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Excess and surplus lines
Excess-line placements
I am having a very hard time placing a specialty line. I think I have found a market, but it is with an unauthorized company through an out-of-state excess-line broker. Can I use it?
Binders and increased premiums
After coverage has been bound, may an unauthorized insurer increase the premium of a commercial property/casualty insurance policy that was written through a licensed excess-line broker in New York?
Excess-line tax filings
Do excess-line brokers have to file premium tax statements if they have placed no business?
Rules for accessing the excess-line market
For risks that do not automatically qualify for the excess-line market, I continue to hear somewhat conflicting information about the need for and completeness of declinations in the admitted market. Is there some “flexibility” that makes this less onerous?
Switch to excess-line carrier from New York-authorized carrier at renewal
A company has issued a conditional renewal notice on a commercial policy. The purpose of the conditional renewal is to require the renewal to be issued in a nonadmitted (unauthorized) affiliate of the current admitted (authorized) carrier. In addition to changing companies, the insured’s coverage would be subject to exclusions (e.g., mold, acts of war, terrorism) that are not found in the current policy. Is this a correct procedure?
Excess-line renewal application
Some wholesale brokers advise that they do not require a new application for a policy’s renewal. We would prefer to get a signed renewal application. What does the Department of Financial Services require for excess-line policies?
Excess-line cancellation
What are the cancellation rules for excess-line policies? Can an excess-line insurer cancel a policy with a short-rate penalty?
Excess-line placement—authorized offer
If I have received three declinations, but an authorized insurer has made an offer, can I place coverage with an unauthorized insurer in order to provide the insured with a lower premium?
Massachusetts surplus-lines fees
What is the law on the maximum surplus-lines fee that can be charged in Massachusetts?
Declinations due to deficient coverage
Can I consider an authorized insurer’s failure to provide all aspects of the coverage requested by the applicant to be a declination, or does the applicant have to settle for inferior coverage?
Excess-line minimum-earned premium
How are minimum-earned premiums handled in the New York state excess-line market?