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Surplus Lines Diligent Effort Affidavit This original executed form must be kept on file with the surplus lines broker & made available to the Division of Insurance upon request. Surplus lines producers

How to fill out surplus lines diligent effort

1. To fill out surplus lines diligent effort, start by gathering all the necessary information and documentation related to the insurance policy. This may include the policy application, underwriting information, and any relevant correspondence.
2. Carefully review the surplus lines diligent effort requirements outlined by the state insurance regulator. Each state may have different guidelines and criteria that need to be fulfilled.
3. Verify the eligibility of the insured or the risk being insured. Surplus lines insurance is typically used for high-risk or specialized coverage that cannot be obtained through the traditional insurance market. Make sure the risk is eligible for placement in the surplus lines market.
4. Conduct a diligent search for comparable coverage in the admitted or standard insurance market. The purpose of this search is to demonstrate that the risk cannot be adequately insured through the traditional channels. Document the efforts made to approach admitted insurers and provide evidence that the coverage is unavailable or excessively priced.
5. Contact surplus lines brokers or carriers that specialize in the type of coverage needed. These companies are licensed to provide surplus lines insurance and can help facilitate the placement of the policy. Ensure that the chosen surplus lines insurer is reputable and financially stable.
6. Complete the surplus lines diligent effort form or any other required documentation specific to the state. Provide detailed information about the search conducted, the reasons for seeking surplus lines coverage, and any insurers approached in the standard market.
7. Submit the completed surplus lines diligent effort form and any supporting documents to the state insurance regulator. Follow any additional filing or reporting requirements as mandated by the state.

Who needs surplus lines diligent effort?

1. Individuals or businesses seeking insurance coverage that is unavailable or excessively priced in the standard insurance market may need to demonstrate surplus lines diligent effort to access coverage.
2. Organizations involved in high-risk industries such as construction, oil and gas, or technology, where traditional insurers may be reluctant to underwrite certain risks, may need to utilize the surplus lines market.
3. Insurance brokers or agents working with clients who require specialized or hard-to-place coverage may need to engage in surplus lines diligent effort to meet their clients' insurance needs.

Overall, surplus lines diligent effort is necessary for those seeking alternative insurance options when traditional insurance carriers are unable to provide the required coverage or terms. It involves conducting a thorough search for comparable coverage in the standard market and following the specific guidelines set by the state insurance regulator for surplus lines placement.

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What is surplus lines diligent effort?

Surplus lines diligent effort is the process of attempting to place insurance coverage with admitted insurers before seeking coverage from non-admitted insurers.

Who is required to file surplus lines diligent effort?

Insurance producers and brokers who are placing insurance coverage with non-admitted insurers are required to file surplus lines diligent effort.

How to fill out surplus lines diligent effort?

Surplus lines diligent effort should be carefully documented and include records of attempts to place coverage with admitted insurers.

What is the purpose of surplus lines diligent effort?

The purpose of surplus lines diligent effort is to protect consumers by ensuring that coverage is placed with admitted insurers whenever possible.

What information must be reported on surplus lines diligent effort?

Information such as the names of insurers contacted, dates of contact, quotes received, and reasons for seeking coverage from non-admitted insurers must be reported on surplus lines diligent effort.