FL Surplus Lines Service Office Statement of Diligent Effort 2017-2026 free printable template

This document is used to indicate the efforts made by a retail or producing agent to obtain specific insurance coverage from authorized insurers, including how many insurers were contacted and the

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How to fill out FL Surplus Lines Service Office Statement of Diligent

1. Obtain the FL Surplus Lines Service Office Statement of Diligent form from the Florida Department of Financial Services website.
2. Fill in the date at the top of the form.
3. Provide your name and contact details in the designated fields.
4. Enter the name of the insured or the entity that holds the insurance policy.
5. Specify the type of insurance coverage being applied for.
6. List the details of the surplus lines broker involved in the transaction.
7. Confirm and document the diligent search conducted for admitted market options.
8. Sign and date the completed form to affirm accuracy and truthfulness.

Who needs FL Surplus Lines Service Office Statement of Diligent?

1. Individuals or entities seeking surplus lines insurance in Florida.
2. Insurance brokers dealing with surplus lines coverage.
3. Businesses that are unable to obtain coverage from admitted insurers.

People Also Ask about surplus lines disclosure form

What is surplus lines of business insurance?

Surplus lines insurance protects against a financial risk that a regular insurance company will not take on. Surplus lines insurance policies are available in a variety of types for both individuals and businesses. Surplus lines insurance is generally more expensive than regular insurance because the risks are higher.

What is meant by excess and surplus lines?

Simply put, Excess & Surplus lines (E&S) is a specialty market that insures things standard carriers won't cover. The difficult or high-risk exposures in which E&S carriers specialize may range from a mobile home or a day care center to a multinational oil company.

What is diligent effort surplus lines?

When writing surplus lines business, it is the obligation of the surplus line broker to maintain a copy of the originating producer's documentation of diligent effort. The diligent effort is confirmation that coverage has been requested and declined from authorized insurers within the admitted market.

What is the meaning of surplus lines?

Surplus lines insurance is a special type of insurance that covers unique risks. It fills a gap in the standard market by covering things that most companies can't or won't insure.

What is the diligent effort matrix in Florida surplus lines?

The Diligent Effort / Disclosure Matrix was developed by the Florida Surplus Lines Service Office for the purpose of providing guidance on the diligent effort or disclosure requirement for each line of coverage, for both residential and nonresidential placements.

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What is FL Surplus Lines Service Office Statement of Diligent?

The FL Surplus Lines Service Office Statement of Diligent is a document that insurers must use to declare their efforts in placing surplus lines insurance. It demonstrates compliance with state regulations regarding due diligence in seeking coverage from authorized insurers before using surplus lines.

Who is required to file FL Surplus Lines Service Office Statement of Diligent?

Surplus lines agents and insurers who place surplus lines insurance are required to file the FL Surplus Lines Service Office Statement of Diligent. This includes anyone who is involved in procuring insurance that is not available through licensed insurers.

How to fill out FL Surplus Lines Service Office Statement of Diligent?

To fill out the FL Surplus Lines Service Office Statement of Diligent, agents must provide detailed information regarding the coverage sought, efforts made to obtain it from authorized insurers, and the reasons for placing the insurance as surplus lines. Specific instructions and sections must be followed as outlined by the Florida Department of Financial Services.

What is the purpose of FL Surplus Lines Service Office Statement of Diligent?

The purpose of the FL Surplus Lines Service Office Statement of Diligent is to ensure that insurers have made adequate efforts to obtain insurance from authorized carriers before resorting to surplus lines. It helps maintain compliance with state regulations and protects consumers by ensuring transparency in the insurance market.

What information must be reported on FL Surplus Lines Service Office Statement of Diligent?

The information that must be reported on the FL Surplus Lines Service Office Statement of Diligent includes the type of coverage sought, details of attempts made to secure coverage from licensed insurers, justifications for using surplus lines, and any additional relevant information as requested by the Florida Surplus Lines Service Office.