TYPES OF RISK
Coverage for damages or injuries caused by intoxicated patrons
We Hold The Risk
Offers innovative products that effectively and profitably insure risks. Also performs policy management for processes not delegated to an MGA.
A marketplace of investors, grouped in syndicates, who are represented by underwriters (MGAs) to write insurance and reinsurance.
Works with insurers to cover risk beyond a certain limit, essentially providing insurance for the insurers.
Accessing the Surplus Lines Market requires
I Need Insurance
The individual or entity that needs coverage for a risk declined, or not offered, through the Standard Market.
I Know Specialists
Appointed by Wholesalers as the retail sales force. Often local to the Insureds they represent.
An intermediary between the Retail Agent and the Insurer with expertise in the risk submitted. Does not typically work directly with the Insured.
SURPLUS LINES BROKER
Brokers will use their relationships with MGAs and/or Insurers to return quotes to the Retail Agent. Brokers do not underwrite.
Holds underwriting authority for one or more Insurers, allowing them to provide quotes and bind coverage on behalf of the Market.
There are several steps to document, analyze, and price a risk. These steps require a combination of entities and processes to ensure a proper contract is created and maintained.
The Surplus Lines Market has flexibility to modify the loss exposure, premium, and terms to meet their appetite, while also providing coverage that would otherwise not be available. Without the Surplus Lines Market, Insureds would be required to go without coverage or to self-insure.
This section provides links to additional resources that may help orient people to the surplus lines market.