Does my licensed insurance representative have to make sure that a Licensed insurer will not provide insurance before they insure me with a Non Admitted insurer?
Yes. The Division of Insurance requires that insurance producer determine that your risk cannot be insured with a Licensed insurer. This process is called “Due Diligence” However, if you pay more than $50,000 in premiums and employ, or contract with, a professional Risk Manager the producer may not have to conduct this search. This is because the State Legislature recognizes that you are a sophisticated insurance buyer that recognizes the differences between the two types of insurers.
Related Questions
- Does my licensed insurance representative have to make sure that a Licensed insurer will not provide insurance before they insure me with a Non Admitted insurer?
- Does an insurance representative that negotiates with a Non Admitted insurer have to have any special qualifications?
- How does a Gibraltar insurance company insure a risk in another EU state ?
