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Why would someone place their insurance with a surplus lines broker?

Individuals and businesses looking for surplus lines insurance often need coverage for a unique risk that would not be accepted by a typical insurance agency in the admitted market. A surplus lines broker can assist these consumers in their search for coverage.

What is the difference between surplus lines and admitted?

Non-admitted insurers, also known as excess and surplus lines carriers, sell policies that arent backed by your state. While they dont fall under traditional insurance regulations, many states do regulate non-admitted carriers. These regulations are usually less strict than those followed by admitted insurers.

What does it mean to be a surplus lines carrier?

A surplus lines insurer is sometimes referred to as a non-admitted or unlicensed carrier, but this does not mean their policies arent valid or that they arent regulated to some extent. The designation only means that they are subject to different regulations from those that govern admitted or standard carriers.

When may a surplus lines broker place insurance with a surplus line insurance company?

A: Surplus line brokers can place business in California with surplus line insurers provided that, at the time of placement, the broker has determined that the insurers have met either the requirements established under Section 1765.1 or Section 1765.2 of the California Insurance Code (CIC).

What does surplus mean in insurance?

Surplus is the amount by which an insurers assets exceed its liabilities.

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What is surplus lines tax on an insurance policy?

The Surplus Lines Deduction allows taxpayers to deduct from their premiums sums collected to cover federal and other state taxes and examination fees when calculating the premium amount subject to the tax.

What is the surplus line tax in 2023?

Surplus Line Association of California Lowering Stamping Fee to 0.18% in January 2023. CA| The Surplus Line Association of Californias board has voted to reduce the stamping fee from 0.25% to 0.18%, effective January 1, 2023. The SLAs board had raised the fee to 0.25% in 2020 in an effort to pay down debts.

What is the maximum amount a surplus lines broker can charge?

In the alternative, such producer and surplus lines broker may charge a fee of up to five percent of the applicable premium, not to exceed $500.00 in the aggregate.

What are examples of surplus lines insurance?

For instance, they might need liability coverage for a special event or to move hazardous materials. Some people buy surplus lines policies if they cant get homeowners insurance from a standard company. Others buy it to cover very costly items, like an expensive art or classic car collection.

What does surplus lines mean in insurance?

Surplus lines insurance is a special type of insurance that covers unique risks. It fills a gap in the standard market by covering things that most companies cant or wont insure.

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Why would someone place their insurance with a surplus lines broker?

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What is surplus lines tax on an insurance policy?

What is the surplus line tax in 2023?

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What does surplus lines mean in insurance?

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