Get the free SURPLUS LINES DISCLOSURE and - Insurance Center Group

SURPLUS LINES DISCLOSURE & Acknowledgement my direction, ___ (name of insurance agency) has placed my coverage inthesurpluslinesmarket. AsrequiredbyFloridaStatute626.916,Ihaveagreedtothisplacement.

How to fill out surplus lines disclosure and

How to fill out surplus lines disclosure and

1. To fill out surplus lines disclosure, follow these steps:
2. Obtain the surplus lines disclosure form from the appropriate regulatory authority or insurance agency.
3. Read and understand the instructions provided with the form.
4. Gather all the necessary information related to the surplus lines transaction, such as policy details, insured party information, and any applicable supporting documents.
5. Begin by entering the date of the surplus lines transaction on the form.
6. Provide the name and contact information of the surplus lines broker or agent involved in the transaction.
7. Enter the name of the insured party and their contact information.
8. Specify the type of insurance coverage being obtained through the surplus lines transaction.
9. Indicate the premium amount paid for the surplus lines policy.
10. If applicable, provide details of any exemptions or exceptions to the surplus lines filing requirements.
11. Sign and date the form, indicating your responsibility and agreement with the information provided.
12. Submit the completed surplus lines disclosure form to the relevant regulatory authority or insurance agency as per their guidelines and requirements.

Who needs surplus lines disclosure and?

1. Surplus lines disclosure is required for individuals or businesses who are purchasing insurance coverage from non-admitted insurers, i.e., insurers who are not licensed to sell insurance in the state where the insured party is located.
2. Typically, surplus lines insurance is sought when the required coverage is unavailable or prohibitively expensive through admitted or licensed insurers.
3. Therefore, individuals or businesses in need of specialized, unique, or higher-risk insurance coverage may resort to surplus lines insurance.
4. It is important to consult with a licensed surplus lines broker or agent to determine if surplus lines insurance is necessary for the specific insurance needs.

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What is surplus lines disclosure?

Surplus lines disclosure is the requirement for insurance companies to disclose details of non-admitted insurance to the state regulatory authority.

Who is required to file surplus lines disclosure?

Insurance companies are required to file surplus lines disclosure.

How to fill out surplus lines disclosure?

Surplus lines disclosure can be filled out electronically or through paper forms provided by the state regulatory authority.

What is the purpose of surplus lines disclosure?

The purpose of surplus lines disclosure is to ensure transparency and regulatory oversight of non-admitted insurance transactions.

What information must be reported on surplus lines disclosure?

The information reported on surplus lines disclosure includes details of the insured, the policy coverage, premiums charged, and the non-admitted insurance carrier.