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People also ask
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What are insurance 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.
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What is surplus lines insurance best described as?
Excess and Surplus Lines—also known as “E&S”—insurance is designed for businesses with uniquely high risks that the traditional insurance market will not cover. The types of businesses that may need excess and surplus lines are in industries like construction, building, roofing, and commercial transportation.
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What is an example of a surplus line of insurance?
Some examples of surplus lines insurance are directors' and officers' coverage, errors and omissions insurance, catastrophic risk coverage, environmental policies, and many other specialized business coverages (employment liability, etc.)
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What is the surplus lines tax rate for 2024 in Iowa?
Surplus lines tax: . 975% (for the 2024 calendar year), .
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What does surplus mean in insurance?
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.
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What is the surplus lines tax rate in Texas 2024?
Surplus lines tax: 4.85% (+ stamping fee of . 04%) (reduced from . 075%, effective Jan. 1, 2024), payable by broker (TX DOI imposes assessments/enforcement actions for late filings).
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What does surplus lines broker mean in insurance?
A Surplus Line Broker is a person who places insurance with non-admitted insurers, covering risks other than aircraft and certain marine and transportation risks.
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What is the surplus lines tax in NY?
Surplus lines tax: 3.6%, payable by broker to the state, plus 0.15% stamping fee payable to ELANY (reduced from 0.17% effective 1/1/2023) (Additional fee of $25 applies for late/erroneous filing).
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