Due to the unique needs of our clients, we write policies with Surplus Lines / Non-Admitted Carriers. The excess and surplus lines, or non-admitted market is comprised of property and casualty companies that provide insurance that is unavailable to businesses in the standard or admitted market ...
Surplus lines insurance protects against a financial risk that is too great or too uncommon for a regular insurance company to take on. Surplus lines insurance can be purchased by individuals or companies. Key Takeaways Surplus lines insurance protects against a financial risk that a regular insuran...
The tax concept of a captive insurance company is relatively simple. The parent company pays insurance premiums to its captive insurance company and seeks to deduct these premiums in its home country, often a high-tax jurisdiction. Today, several U.S. states allow the formation of captive compa...
Let’s say that the employer that runs Company X is looking to start an aggregate stop-loss insurance plan with an insurance company. The value of their monthly expected claims are set by the insurance company as $250 per month. Their stop-loss attachment multiplier is 150%. With this info...
Modern insurance is rooted in a law passed in 1601 by legislators in the United Kingdom. The law pertained to marine insurance, which has been used for centuries to insure ships and cargo. Surplus Lines A“surplus lines” insurer is also called an “excess lines” or “non-admitted” ins...
carriers "can't or won't insure," according to theTexas Department of Insurance. Typically a state will allow a surplus line company, like Lloyd's of London or Berkshire Hathaway, to operate in its borders while unlicensed. (The company must be licensed in its home state or country, ...
A Single Premium Immediate Annuity (sometimes referred to as an "SPIA") may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or for a specified period of time. The annuity is purchased from an insurance company ...
An admitted insurance company is one that is licensed and authorized by the state insurance department to conduct business within that state. On the other hand, a non-admitted insurance company, also known as surplus lines insurers, operates outside of state regulations and is not required to fo...
However, the biggest disadvantage of a GbR is that there is no limitation of liability on the business's assets: partners are always personally liable with their own private assets. Furthermore, the fact that a GbR's annual surpluses are transferred to the partners and taxed via their respe...
What is a Non-Admitted Insurance Carrier? A non-admitted insurance carrier has not been licensed and is not regulated by the state’s department of insurance. Instead, these carriers, also known as excess and surplus insurance carriers or surplus lines insurance carriers, are regulated by t...