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Bond of Surplus Line Broker to the General Treasurer of the State of Dbr Ri Form
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People also ask
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What is the purpose of a surplus lines broker?
The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state.” Surplus lines brokers and producers must be licensed to sell surplus lines insurance.
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Which of the following defines a surplus lines broker?
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 does a surplus lines broker do?
The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state.” Surplus lines brokers and producers must be licensed to sell surplus lines insurance.
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What is an example of a surplus line?
What are examples of typical properties insured by Surplus Lines? Examples include multi-dwelling units such as condos or townhouses, mobile homes, expensive cars or boats, costly art collections, or extremely old or dangerously exposed homes.
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What does surplus lines cover?
Businesses buy the most surplus lines policies, usually to cover unique risks. For instance, they might need liability coverage for a special event or to move hazardous materials. Some people buy surplus lines policies if they can't get homeowners insurance from a standard company.
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