Surplus Lines Insurance – Best Practices

Placing business in the excess & surplus lines insurance market (E&S insurance) has many of the same characteristics as the standard insurance market, but also has a few key differences.  The most significant difference is the use of wholesale brokers.  Successfully utilizing the E&S market through a wholesale broker with the proper licensing and expertise will smooth the process and enhance the retail producer’s business prospects.  These best practices are suggested:

• Communicate, don’t assume – When in doubt, communicate expectations
• Document (& Document & Document) – You have heard this before
• Time & information – The underwriter needs time & information to properly assess risk
• Check the coverage – Is it what your customer expects?
• Bind in writing – Always
• Expect compliance requirements – And follow them
• Use an expert – As a partner

Tennant Risk Services is a specialty E&S wholesale broker, and delivers expertise, markets and exemplary services in the placement of professional liability insurance (E&O, D&O, EPL, Cyber).  Review our expectations here.

Specialty Insurance Expertise: Tennant Risk Services
Supporting Insurance Entrepreneurship: Tennant Capital Partners