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ROYAL OAK UNDERWRITERS, INC. Excess and Surplus Lines Insurance Wholesalers 8417 Patterson Avenue Richmond, Virginia 23229 Telephone: (804) 7417999 WATTS: (800) 6282967 Fax: (804) 7419401 www.royaloakunderwriters.com

How to fill out excess and surplus lines

How to fill out excess and surplus lines:

1. Understand the basics: Excess and surplus lines insurance is a type of coverage that is not available through the standard insurance market. It is designed for risks that are considered non-standard or high-risk. Before filling out the forms, it's important to have a clear understanding of what excess and surplus lines insurance entails.
2. Identify the specific risk: Determine the nature of the risk you need to insure. Excess and surplus lines policies cover a wide range of risks, including unusual or non-standard risks that are not typically covered by standard insurance policies. Identify the specific risk you are seeking coverage for to ensure you are filling out the appropriate forms.
3. Research licensed surplus lines brokers: Surplus lines insurance is typically sold through licensed brokers who have access to specialized insurance markets. Research and identify a licensed surplus lines broker who can assist you in obtaining the coverage you need. They will guide you through the process and help you fill out the necessary forms.
4. Gather all relevant information: Collect all the necessary information required to fill out the excess and surplus lines forms. This may include details about the risk, its location, any previous claims history, and any additional information that may be relevant to the underwriting process.
5. Complete the application forms: Fill out the excess and surplus lines application forms accurately and thoroughly. Make sure to provide all the necessary information requested and double-check for any errors or missing details. This will help streamline the underwriting process and expedite the issuance of the policy.
6. Submit the application: Once the forms are complete, submit the application to the licensed surplus lines broker or the insurance company directly, depending on the process specified by the broker. They will review the application and work with the appropriate insurers to obtain coverage for your specific risk.

Who needs excess and surplus lines:

1. Businesses with unique or challenging risks: Excess and surplus lines insurance is often sought by businesses with risks that fall outside the standard insurance market. This may include contractors working on high-risk projects, manufacturers of unique products, or companies operating in hazardous environments.
2. Individuals with high-value assets or unusual risks: Some individuals may also require excess and surplus lines coverage. This could include high-net-worth individuals seeking coverage for valuable art collections, rare automobiles, or unique personal risks not covered by standard insurance policies.
3. Entities in specialized industries: Certain industries, such as energy, transportation, or construction, may require excess and surplus lines coverage due to the nature of their operations. These industries often face unique risks that cannot be adequately covered by standard insurance, making excess and surplus lines necessary.
4. Startups and emerging businesses: As new businesses emerge, they may face risks that are not typically covered by standard insurance policies. Excess and surplus lines can provide the necessary coverage for these startups as they navigate the challenges of their respective industries.
5. Businesses operating in non-standard markets: Some businesses operate in niche or non-standard markets where standard insurance coverage may not be available. Excess and surplus lines insurance can fill this gap and provide the necessary coverage tailored to the specific risks associated with these markets.

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What is excess and surplus lines?

Excess and surplus lines refer to coverage for risks that are not typically covered by standard insurance policies.

Who is required to file excess and surplus lines?

Licensed surplus lines brokers are required to file excess and surplus lines.

How to fill out excess and surplus lines?

Excess and surplus lines can be filled out by submitting the necessary forms and documentation to the appropriate regulatory authority.

What is the purpose of excess and surplus lines?

The purpose of excess and surplus lines is to provide coverage for hard-to-place risks that are not covered by admitted insurers.

What information must be reported on excess and surplus lines?

Information such as the insured's name, policy details, coverage limits, and premium amounts must be reported on excess and surplus lines.