Surplus Lines Insurance Confusion
Surplus lines insurance is a confusing and often misunderstood area of insurance licensing. It takes creativity to sell the hard to place or nonstandard risk in a diverse segment of the insurance industry. In order to sell surplus lines insurance, you and your corporation need to have a surplus lines insurance license.
As in other types of insurance licensing, a surplus lines broker needs to hold non-resident surplus lines licenses in all states where business will be written. Some common questions we receive regarding non-resident surplus lines insurance licensing are:
- Does my agency also need to hold surplus lines licenses in all states?
- Do I need a property and casualty license in addition to a surplus lines license?
- Are there states that require me to take an exam to be licensed as a non-resident surplus lines broker?
- Will I need a property and casualty appointment to obtain a surplus lines license?
- Do I need bonds in any states before I can apply for a surplus lines license?
As with property and casualty licensing, agency licensing is required for surplus lines brokers. Supportive Insurance Services will complete the necessary certificate of authority filings with the various Secretary of State offices and obtain registered agent services prior to filing for your agency surplus lines insurance licenses. We’ll work with you and your agency to make sure that you have the necessary bonds, exams and appointments. Leave the worry of surplus lines licensing to the experts!
As you and your corporation expand in other states to meet the needs of the growing surplus lines insurance market, Supportive Insurance Services will work with you and your corporation to obtain and maintain your surplus lines insurance licensing as effortlessly and expediently as possible.
Fill out the form below and we will help you get started on your way to obtaining your surplus lines license!