Total dollar high performance insurance policy enhancements
08-26-2015 | 04:29 PM
#1
Thread Starter
Offshoreonly Advertiser
Joined: Jan 2001
Posts: 2,063
Likes: 27
From: spring valley,ny usa
Total dollar high performance insurance policy enhancements
Higher speed and higher value limits will be in place shortly.This program is with STATE NATIONAL INSURANCE COMPANY and is the only ADMITTED (NOT SURPLUS LINES). company to write boat insurance for boats that can reach speeds in the 160-175 mph range.This is our exclusive program and is not available to any other agents except for a few that have proven their commitment to ethics and proper presentation of the facts without any misrepresentation of the risk.
08-26-2015 | 11:17 PM
#2
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Joined: Aug 2004
Posts: 324
Likes: 0
From: AZ
This is huge, things like this don't happen over night. Finally a A rated admitted carrier for the experienced ultra performance guy, this is a win win for us and our clients, very proud to be a agent that is able to write this program, we've needed a west coast program like this, and now it's here!
09-08-2015 | 08:44 PM
#4
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Joined: Sep 2015
Posts: 9
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From: North Richland Hills, TX
I have seen this in several posts.Can you explain to the insurance idiots like myself what this means? What is the difference? Why is it a big deal?
Last edited by h20funk; 09-08-2015 at 08:47 PM.
09-09-2015 | 09:33 AM
#5
Thread Starter
Offshoreonly Advertiser
Joined: Jan 2001
Posts: 2,063
Likes: 27
From: spring valley,ny usa
In order to understand what surplus lines insurance is,it is helpful first to understand a few things about the insurance marketplace and to understand what surplus lines insurance is not.
The first player in the marketplace I'll discuss is the insurance carrier.The carrier is the company that actually writes the policy and accepts the risk that something will happen and a claim will be made.They collect your premiums and those of other insureds and invest them. If a claim is made,they pay the claim from this pool of collected premiums.
Insurers are licensed on a state by state basis in the United States.Generally,an insurance company must get a license in any state where it wants to write policies. Each state has a Department of Insurance that regulates these companies.The regulation takes many forms and varies from state to state,but it can basically be divided into two general areas.First,the regulators monitor the finances and market conduct of the companies to see that they are financially sound and using fair and honest business practices. Second,they regulate or approve the insurer's rates, or bothe. These insurers contributed to a state fund, called a guaranty fund, that is used to pay claims if any of these licensed insurers were to fail(go bankrupt).
the next player is the agent or broker(we'll collectively refer to them as prodiucers). If yuou are an individual or company that needs insurance, the producer acts as the middleman between ou and the insurer. The producer is also licensed and regulated by the state. When you tell the producer you need insurance, the producer must try to find ou a policy from one of the insurers that is licensed to operate in your state. There are some cases, however, (generally less than 10% of policies nationwide) where the licensed insurers will not accept a risk because it does not meet their internally established guidelines. The risk may be too big, too unusual or substandard. In these cases, a a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state..
Since this insurer is not licensed in your state, they are not regulated by your state's Department of Insurance in the same way llicensed insurers are regulated (they are, however, regulated in the state or country where they are domiciled or located). Since they are not strictly regulated by your state, they are generally free from the form or rate regulations imposed on licensed insurers. This gives them the freedom to maintain broader internal guidelines for accepting risks. They have more flexibility to design and price their policies and can, therefore, accept risks that licensed insurers will not.
In many states, including Illinois, the licensed surplus line producer is required to ascertain that the insurer meets certain financial standards before buying a policy from them. In many other states the department of Insurance or some other authority, monitors the financial condition of surplus line insurers and maintains a list of insurers that surplus line producers are allowed to use. Whether done by the surplus line producer, the state Department of Insurance, or some other entity, this financial monitoring is an important function because if the insurer were to fail (go bankrupt) THERE IS NO GUARANTY FUND PROTECTION FOR YOU.
I do, on occasion use a surplus lines company if the risk does not meet the strict guidelines of our admitted program.
I hope this fully answers your question.
The first player in the marketplace I'll discuss is the insurance carrier.The carrier is the company that actually writes the policy and accepts the risk that something will happen and a claim will be made.They collect your premiums and those of other insureds and invest them. If a claim is made,they pay the claim from this pool of collected premiums.
Insurers are licensed on a state by state basis in the United States.Generally,an insurance company must get a license in any state where it wants to write policies. Each state has a Department of Insurance that regulates these companies.The regulation takes many forms and varies from state to state,but it can basically be divided into two general areas.First,the regulators monitor the finances and market conduct of the companies to see that they are financially sound and using fair and honest business practices. Second,they regulate or approve the insurer's rates, or bothe. These insurers contributed to a state fund, called a guaranty fund, that is used to pay claims if any of these licensed insurers were to fail(go bankrupt).
the next player is the agent or broker(we'll collectively refer to them as prodiucers). If yuou are an individual or company that needs insurance, the producer acts as the middleman between ou and the insurer. The producer is also licensed and regulated by the state. When you tell the producer you need insurance, the producer must try to find ou a policy from one of the insurers that is licensed to operate in your state. There are some cases, however, (generally less than 10% of policies nationwide) where the licensed insurers will not accept a risk because it does not meet their internally established guidelines. The risk may be too big, too unusual or substandard. In these cases, a a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state..
Since this insurer is not licensed in your state, they are not regulated by your state's Department of Insurance in the same way llicensed insurers are regulated (they are, however, regulated in the state or country where they are domiciled or located). Since they are not strictly regulated by your state, they are generally free from the form or rate regulations imposed on licensed insurers. This gives them the freedom to maintain broader internal guidelines for accepting risks. They have more flexibility to design and price their policies and can, therefore, accept risks that licensed insurers will not.
In many states, including Illinois, the licensed surplus line producer is required to ascertain that the insurer meets certain financial standards before buying a policy from them. In many other states the department of Insurance or some other authority, monitors the financial condition of surplus line insurers and maintains a list of insurers that surplus line producers are allowed to use. Whether done by the surplus line producer, the state Department of Insurance, or some other entity, this financial monitoring is an important function because if the insurer were to fail (go bankrupt) THERE IS NO GUARANTY FUND PROTECTION FOR YOU.
I do, on occasion use a surplus lines company if the risk does not meet the strict guidelines of our admitted program.
I hope this fully answers your question.
09-17-2015 | 03:08 PM
#6
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
Likes: 0
From: Insuring any kind of boat
In order to understand what surplus lines insurance is,it is helpful first to understand a few things about the insurance marketplace and to understand what surplus lines insurance is not.
The first player in the marketplace I'll discuss is the insurance carrier.The carrier is the company that actually writes the policy and accepts the risk that something will happen and a claim will be made.They collect your premiums and those of other insureds and invest them. If a claim is made,they pay the claim from this pool of collected premiums.
Insurers are licensed on a state by state basis in the United States.Generally,an insurance company must get a license in any state where it wants to write policies. Each state has a Department of Insurance that regulates these companies.The regulation takes many forms and varies from state to state,but it can basically be divided into two general areas.First,the regulators monitor the finances and market conduct of the companies to see that they are financially sound and using fair and honest business practices. Second,they regulate or approve the insurer's rates, or bothe. These insurers contributed to a state fund, called a guaranty fund, that is used to pay claims if any of these licensed insurers were to fail(go bankrupt).
the next player is the agent or broker(we'll collectively refer to them as prodiucers). If yuou are an individual or company that needs insurance, the producer acts as the middleman between ou and the insurer. The producer is also licensed and regulated by the state. When you tell the producer you need insurance, the producer must try to find ou a policy from one of the insurers that is licensed to operate in your state. There are some cases, however, (generally less than 10% of policies nationwide) where the licensed insurers will not accept a risk because it does not meet their internally established guidelines. The risk may be too big, too unusual or substandard. In these cases, a a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state..
Since this insurer is not licensed in your state, they are not regulated by your state's Department of Insurance in the same way llicensed insurers are regulated (they are, however, regulated in the state or country where they are domiciled or located). Since they are not strictly regulated by your state, they are generally free from the form or rate regulations imposed on licensed insurers. This gives them the freedom to maintain broader internal guidelines for accepting risks. They have more flexibility to design and price their policies and can, therefore, accept risks that licensed insurers will not.
In many states, including Illinois, the licensed surplus line producer is required to ascertain that the insurer meets certain financial standards before buying a policy from them. In many other states the department of Insurance or some other authority, monitors the financial condition of surplus line insurers and maintains a list of insurers that surplus line producers are allowed to use. Whether done by the surplus line producer, the state Department of Insurance, or some other entity, this financial monitoring is an important function because if the insurer were to fail (go bankrupt) THERE IS NO GUARANTY FUND PROTECTION FOR YOU.
I do, on occasion use a surplus lines company if the risk does not meet the strict guidelines of our admitted program.
I hope this fully answers your question.
The first player in the marketplace I'll discuss is the insurance carrier.The carrier is the company that actually writes the policy and accepts the risk that something will happen and a claim will be made.They collect your premiums and those of other insureds and invest them. If a claim is made,they pay the claim from this pool of collected premiums.
Insurers are licensed on a state by state basis in the United States.Generally,an insurance company must get a license in any state where it wants to write policies. Each state has a Department of Insurance that regulates these companies.The regulation takes many forms and varies from state to state,but it can basically be divided into two general areas.First,the regulators monitor the finances and market conduct of the companies to see that they are financially sound and using fair and honest business practices. Second,they regulate or approve the insurer's rates, or bothe. These insurers contributed to a state fund, called a guaranty fund, that is used to pay claims if any of these licensed insurers were to fail(go bankrupt).
the next player is the agent or broker(we'll collectively refer to them as prodiucers). If yuou are an individual or company that needs insurance, the producer acts as the middleman between ou and the insurer. The producer is also licensed and regulated by the state. When you tell the producer you need insurance, the producer must try to find ou a policy from one of the insurers that is licensed to operate in your state. There are some cases, however, (generally less than 10% of policies nationwide) where the licensed insurers will not accept a risk because it does not meet their internally established guidelines. The risk may be too big, too unusual or substandard. In these cases, a a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state..
Since this insurer is not licensed in your state, they are not regulated by your state's Department of Insurance in the same way llicensed insurers are regulated (they are, however, regulated in the state or country where they are domiciled or located). Since they are not strictly regulated by your state, they are generally free from the form or rate regulations imposed on licensed insurers. This gives them the freedom to maintain broader internal guidelines for accepting risks. They have more flexibility to design and price their policies and can, therefore, accept risks that licensed insurers will not.
In many states, including Illinois, the licensed surplus line producer is required to ascertain that the insurer meets certain financial standards before buying a policy from them. In many other states the department of Insurance or some other authority, monitors the financial condition of surplus line insurers and maintains a list of insurers that surplus line producers are allowed to use. Whether done by the surplus line producer, the state Department of Insurance, or some other entity, this financial monitoring is an important function because if the insurer were to fail (go bankrupt) THERE IS NO GUARANTY FUND PROTECTION FOR YOU.
I do, on occasion use a surplus lines company if the risk does not meet the strict guidelines of our admitted program.
I hope this fully answers your question.
Soo.... you can copy and paste something from the internet AND CLAIM IT AS YOURS and it's A-OK. But when I copy and paste an article and cite it isn't my words... I get bashed???? Please explain to me how that makes any sense....
https://www.slai.org/faq/insured_06.html
Last edited by WakezoneINS; 09-17-2015 at 03:11 PM.
09-17-2015 | 07:11 PM
#7
Thread Starter
Offshoreonly Advertiser
Joined: Jan 2001
Posts: 2,063
Likes: 27
From: spring valley,ny usa
I never claimed it was mine I just wanted to provide an answer to a question.I'm almost 78 and when you pass 70 there are no rules and I don't really care about much of anything except to leave a valuable legacy with Total Dollar if and when I decide to retire.I guess a boat and yacht department with 16 employees,4 locations,2 exclusive ADMITTED insurance programs and direct access (NOT THROUGH A WHOLESALER) to most of the major insurance companies in the world could be described as a legacy.FYI, I annoy Arthur on a daily basis.
10-05-2015 | 06:26 PM
#8
Thread Starter
Offshoreonly Advertiser
Joined: Jan 2001
Posts: 2,063
Likes: 27
From: spring valley,ny usa
The new guidelines for speed and hull values will be in place effective 11/1/2015.I'm working on a program for higher excess liability limits in addition to the program we have now.I will know more about this during the Fort Lauderdale boat show.
10-05-2015 | 08:53 PM
#9
Registered
Joined: Sep 2001
Posts: 2,287
Likes: 0
From: Houston, TX, USA
