Ep. 19 Surplus Lines 101: Terminology
Spot On Insurance
English - October 03, 2017 05:00 - 10 minutes - 8.54 MB - ★★★★★ - 56 ratingsBusiness Education Self-Improvement corporatecompliance insurance insuranceregulation insuretech licensing spotoninsurancepodcast surpluslinestaxfilings Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Maegan DiLoreto is the Communications & Training Coordinator at Surplus Lines Stamping Office of Texas (SLTX). SLTX records all the surplus lines insurance policies written in the State of Texas, monitors financial conditions of insurers that write this form of policy, and provide education and training materials in the industry. Surplus lines are a type of specialty insurance that may be used as a medium for high risk consumers, increased capacity needs, or simply be part of emerging markets.
In this episode, Maegan shares a brief description of the various terms, conditions, and legal requirements if an entity wishes to avail of surplus lines. She also explains the importance of monthly reporting and the difference between stamping fees and service fees.
“If they don't meet one of those exemption requirements, then they have to put forth the diligent effort in trying to find coverage first in the admitted market.” – Maegan DiLoreto
Today on Spot On Insurance:
The difference between a policy and a binder. What does "policies are continuous until cancelled" mean? The difference between authorized and eligible and some exemptions. The difference between Stamping fees and service fees What are installments when it comes to surplus lines?Key Takeaway:
The binder is just a temporary policy. Once a policy is in effect, a binder is no longer needed.Connect with Maegan
Surplus Lines Stamping Office of Texas Phone: 512 531 1880 Email: [email protected]This episode was brought to you by…
Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.
Connect, Learn, Share
Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on iTunes and share your favorite episodes with friends and colleagues!
Maegan DiLoreto is the Communications & Training Coordinator at Surplus Lines Stamping Office of Texas (SLTX). SLTX records all the surplus lines insurance policies written in the State of Texas, monitors financial conditions of insurers that write this form of policy, and provide education and training materials in the industry. Surplus lines are a type of specialty insurance that may be used as a medium for high risk consumers, increased capacity needs, or simply be part of emerging markets.
In this episode, Maegan shares a brief description of the various terms, conditions, and legal requirements if an entity wishes to avail of surplus lines. She also explains the importance of monthly reporting and the difference between stamping fees and service fees.
“If they don't meet one of those exemption requirements, then they have to put forth the diligent effort in trying to find coverage first in the admitted market.” – Maegan DiLoreto
Today on Spot On Insurance:
The difference between a policy and a binder. What does "policies are continuous until cancelled" mean? The difference between authorized and eligible and some exemptions. The difference between Stamping fees and service fees What are installments when it comes to surplus lines?Key Takeaway:
The binder is just a temporary policy. Once a policy is in effect, a binder is no longer needed.Connect with Maegan
Surplus Lines Stamping Office of Texas Phone: 512 531 1880 Email: [email protected]This episode was brought to you by…
Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.
Connect, Learn, Share
Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on iTunes and share your favorite episodes with friends and colleagues!