Surplus Lines Basics
This is a standard insurance company that is licensed by the state and bound by strict rate and form regulations
What is an admitted carrier?
This is the regulatory requirement to thoroughly document that coverage is unavailable from standard insurers before moving to the surplus lines market
What is a diligent search (or diligent effort)?
If a healthcare tech startup needs complex coverage, Founder Shield can act as the retail agent and access additional non-admitted markets we are not directly appointed with by approaching this type of contact
What is a wholesaler?
Saving an attachment with this exact phrase in the name automatically emails the filing team to let them know the client signed their paperwork
What is "Signed Tax Docs"?
This term describes an insurer that is not licensed by the state, but is authorized to provide surplus lines coverage
What is a non-admitted carrier?
When buying a surplus lines policy, the policyholder must pay this extra charge, which the broker collects and remits directly to the state
What is the surplus lines tax?
When Founder Shield acts as the Surplus Lines Broker, they file taxes and compliance documents using the agency license under this specific LLC name
What is The Baldwin Group Specialty Solutions, LLC?
If Founder Shield is working with CFC, Salesforce requires this specific attachment to be uploaded before filing
What is the SL Tax Filing Notice?
Unlike admitted carriers, surplus lines insurers do not offer policyholders protection under this state-backed financial safety net if the insurer goes bankrupt
What is the state guaranty fund?
This specific jurisdiction drives the compliance rules, including filing, disclosures, and taxes
What is the insured's Home State?
This type of insurance professional works directly with the customer to understand their needs and sell them an insurance policy
What is a retail agent?
This twelve-character identifier is generated for each New Jersey surplus lines policy
What is a New Jersey SLA (Surplus Lines Association) transaction number?
Because surplus lines insurers are not backed by a state guaranty fund, brokers use the grades from this famous credit rating agency to make sure an insurer is financially strong enough to pay its claims
What is A.M. Best?
This additional charge helps pay for the operating expenses of a state's surplus lines stamping office
What is a stamping fee?
When Founder Shield acts as the Surplus Lines Broker, they file taxes and compliance documents using the individual license under this name
Who is Maggie Sue Somerville?
This box is checked to indicate the Salesforce automation is complete and everything has been sent to the Baldwin SL team
What is the 'Policy Filed with State' checkbox?
This famous group of syndicates is known around the world for underwriting very specialized and unique surplus lines risks
What is Lloyd's of London?
This state-issued compilation of coverages allows brokers to bypass the diligent search requirement entirely, because the state already knows admitted carriers won't write them
What is an Export List?
Diligent search forms show this individual's name next to the declinations as the Producing Agent
Who is Kyle Jeziorski?
This box is unchecked if a wholesaler is filing a non-admitted policy on our behalf
What is the 'Surplus Lines Policy' checkbox?