SL2-Diligent Search Form 2025

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2004 4.9 Satisfied (411 Votes)
1995 4 Satisfied (40 Votes)
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The SL-1 form is a one-page form that identifies the broker who placed the risk, the insured covered by the policy, and the surplus line insurer or insurers who wrote the policy. The purpose of this guide is to deconstruct the SL-1 form in its parts and focus on what is required for each section.
A diligent search is surplus lines regulatory requirement. It establishes that coverage for a risk is unavailable from admitted insurers. The policy seeker must submit an affidavit confirming that an admitted carrier declined the risk. Diligent search is also known as diligent effort.
The due diligence process involves thoroughly identifying, evaluating and verifying all available information on a person, company or entity. A due diligence check is especially important when youre hiring or considering prospective business partners or new commercial relationships.
The Diligent Search Report commonly known as the SL-2 form documents the brokers or agents effort to obtain coverage for a particular risk in the admitted market before placing the risk with a non-admitted insurer.
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