Results for tag: "Surplus Lines Insurance"

Surplus Lines Insurance is a type of insurance that is not regulated by the state and is typically used to cover risks that are not covered by traditional insurance policies. It is often used to cover high-risk exposures, such as those related to natural disasters, terrorism, and other catastrophic events. Surplus Lines Insurance is typically purchased by businesses and individuals who are unable to find coverage through traditional insurance companies. Surplus Lines Insurance is typically provided by non-admitted insurers, which are not licensed to do business in the state where the policyholder resides. These insurers are not subject to the same regulations as admitted insurers, and they are not required to participate in state-sponsored insurance guaranty funds. As a result, policyholders may be exposed to greater financial risk if the insurer becomes insolvent. Surplus Lines Insurance companies include Lloyd's of London, Beazley, Chubb, and AIG. Show Less Read more