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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.
How do you use diligent effort in a sentence?
They made diligent efforts to carry out their programs.
What is a statement of due diligence?
Due diligence involves examining a potential acquisitions financial, operational, legal, and other aspects to identify risks and make informed decisions. Different types of due diligence include hard due diligence such as data analysis, and soft due diligence assessing corporate culture and integration challenges.
What is a diligent effort statement?
This file serves as a formal statement documenting the diligent efforts made to obtain insurance coverage. It includes details about contacted insurers and reasons for declination. Use this file to ensure compliance with insurance regulations.
What is the meaning of diligent efforts?
careful and using a lot of effort: a diligent student.
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