Resource Library

Free Online Legal Resources

What Are The General Requirements For Surplus Lines Insurance?

  1. If certain insurance coverage cannot be obtained on terms acceptable to the insured from authorized insurers, insurance called surplus line may be obtained from unauthorized insurers.
  2. The insurance must be procured through a licensed surplus line broker.
  3. The full amount of insurance required must not be procurable, after diligent effort, from among the insurers authorized to transact that kind and class of insurance.
  4. The insurance must not be procured for the purpose of securing the advantage of a lower premium rate than would be accepted by authorized insurers.
  5. Within 30 days of the effective date, the surplus line broker shall file a written report (Form ID­12) http://www.aldoi.org/iView/page.cfm?view=52 validating coverage was written through the unauthorized market.

Speak to an Experienced Insurance Attorney Today

This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.

Additional Insurance Articles

Search LawInfo's Insurance Resources

Find an Attorney in Your Area

Insurance Videos

What Is Indemnification

Insurance Lawyers

Related Insurance Issues