What does Excess and Surplus Lines Insurance mean? Read on to discover the definition & meaning of the term Excess and Surplus Lines Insurance - to help you better understand the language used in insurance policies.
Excess and Surplus Lines Insurance
Any type of coverage that cannot be placed with an insurer admitted to do business in a certain jurisdiction. Risks placed in E&S lines markets are often substandard as respects adverse loss experience, unusual, or unable to be placed in conventional markets due to a shortage of capacity. Captives sometimes qualify as E&S companies. Hefty local premium taxes are payable by the broker.
We hope the you have a better understanding of the meaning of Excess and Surplus Lines Insurance.