Admitted vs. non-admitted insurance companies

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PostPosted: Mon Jun 14, 2010 12:08 pm   Post subject: Admitted vs. non-admitted insurance companies  

I've come across the terms admitted & non-admitted insurers. Can you tell the difference between the two?


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PostPosted: Tue Jun 15, 2010 12:14 am   Post subject:   

There are many differences but the big one is that an Admitted company has abided by the laws governing insurance companies in that state. As such, the state guarantees against insolvency. A non admitted carrier is not guaranteed. If they declare bankruptcy or simply don't have the funds to pay claims, then the claimant is SOL. Typically a non-admitted carrier is going to be writing more risky business such as Excess and Surplus lines.

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PostPosted: Tue Jun 15, 2010 9:40 am   Post subject:   

Quote:
If they declare bankruptcy or simply don't have the funds to pay claims, then the claimant is SOL.


That's perhaps the most important reason why we should consider the financial position of an insurer before signing up with them.
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PostPosted: Thu Jun 17, 2010 6:41 am   Post subject:   

Yes, you may procure non-admitted insurance from surplus lines brokers. These brokers have the state license.


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PostPosted: Thu Jun 17, 2010 5:18 pm   Post subject:   

Also, non admitted carriers have more ability to vary their coverage. You have to be very careful to read all endorsements, exclusions and exceptions to exclusions to be certain you know what type of coverage you are getting. No assumptions can be made.



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PostPosted: Fri Jun 18, 2010 7:23 am   Post subject:   

If your risks are difficult or complicated, then you may need non admitted insurance. This is often suggested, as a lot of conventional policies don't offer adequate coverage. Policies are generally tailored to meet the insured's specific needs.



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PostPosted: Fri Jun 18, 2010 4:35 pm   Post subject:   

Very True. Non Admitted carriers play a very big and important role in commercial lines. You just have to really inderstand the policy and how that fits with the clients needs.



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PostPosted: Sat Jun 19, 2010 11:32 am   Post subject:   

Non-admitted companies may cover applicants who hold more loss potential than the usual kind. This happens as such companies are not required to share their rates with the DI. Their charges are based on the risk that they get exposed to.

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PostPosted: Sat Jun 19, 2010 5:27 pm   Post subject: insurance  

MMmm......very clear explanation, between Admitted and Non-Admitted. I guess it's just me, but,......if Non-Admitted Insurance is so risky to have, then why would someone get that kind of Insurance? not trying to be ignorant..just doesn't make any sense to me. i would want ot have a 'stable' Insurance company behind me.

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PostPosted: Sat Jun 19, 2010 5:45 pm   Post subject:   

Not all risks can be insured by an admitted carrier. Some companies or individuals need coverage that is not offered or available by admitted carriers, Think complex risks. ie: Nightclubs or Bars (Due to extreme liability exposures) or High Risk Homeowners Insurance (due to location or claim history). Just a couple examples.



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PostPosted: Sun Jun 20, 2010 4:01 pm   Post subject: insurance  

Ok..I understand your meaning. That sounds logical.

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PostPosted: Mon Jul 22, 2019 9:55 am   Post subject:   

Local entrepreneur Murendeni Mafumo creates water is purified system to help needy



This social entrepreneur has created a water purification system to serve needy communities



the following 12.30pm on a hot and dry Thursday afternoon at Tikelo middleman School in Heidelberg, Gauteng. The ring of the school bell is as well as a rush of feet from the classroom.



Pupils scatter everywhere: Some go to the shade and chat animatedly, Others play in the the sun's rays, While a few others run to two communal water taps, Taking turns to hold out ukraine beauty their palms and gulp the particular.



Six months in the, Less than 10 steps from the layer of concrete where the taps now run, A solar powered filter device was fitted in a makeshift zinc structure.



Standing outside it are four tanks two to store the raw borehole water and two for the pure water that flows into the taps that in this way now enjoy.



The brainchild of Limpopo born social businessman Murendeni Mafumo, Kusini Water is a locally designed water is purified system that uses an activated carbon filter made from macadamia nut shells.



gadget purifies at least 1 000 litres of water a day. It uses the nut covers, Not so much for their chemical properties but their strength.



They also work to harness the use of nanotechnology fibres to part ways various bacteria from the water.



will not see the nut shells in the filter they are incinerated and processed, And are organ of the system that cleans water from any source.



The nut shells, which may have been discarded, Are sourced from a small-scale farmer in Venda, Limpopo.



Mafumo was referred to the Tikelo Intermediary School by the Gauteng education department for a simple reason: The school is found in an intensive beef producing area.



Local beef industry creates a lot of manure, talks of Mafumo.



Dung seeps into the groundwater and boosts the levels of E. coli, Which is what we found in water in the school. This was problematic because the water was being used by toddlers. 33 year old father of one is no stranger to being skillfully involved with water. i have worked in the water and sanitation departments of the cities of Cape Town and Joburg for eight years in total, He knows what can be done to provide settlements with safe drinking water.



It was his upbringing in Venda that fuelled his passion, And his goal is to rebuild the water heal plant there.



spent my youth in Shayandima township, Where without the need water was normal. We were used to absence water in the mornings and evenings. I realised that this situation was not normal, he states, Adding that the situation in his home town was the same when he visited just this week.



A school kid is pictured drinking water from the Kusini water plant that were planted in Tikelo Primary school in Heidelberg. They have two water plants because they don't have clean water to drink. frame: Cebile Ntuli



Mafumo says his company biggest challenge is to make the device supportable.



Least two out of three projects in the water space are donor funded, And it has been confirmed that 50% of socially driven projects in communities fail within two years because communities do not have the resources to keep them going, according to him.



Heidelberg we have tried to make it as automated as feasible, And it can be mastered remotely. This ensures that the system knows when it will need maintenance. Says it costs about R50 000 to set up gadget with the tanks. His company model is not hard: as well as filter or litre of water a company sells through its other water products, It gives 20 litres of safe water to communities that have no.



Kusini Water launched its first system nearly two in the past in Shayandima, And its first mobile water container in October yr after. The latter supplies water to the community of Extension 10 in Emalahleni West.



Started my company three years ago to work with communities outside the main water networks. The biggest challenge they face is either they are getting water brought in from tanks for which watertight and weatherproof queue and the tanks do not arrive every day or they have JoJo tanks. But with aforementioned, Over time down. then health effects for example, i. Coli increase in the tanks, he says.



Mafumo is portion of the third cohort of Redbull Amaphiko initiative, Which supports local executives for 18 months. future cohort will be inducted on June 15.



years back, I was purely a science tecnistions, is marked Mafumo. Aim of Kusini Water is to bring about a systemic change in communities currently underserved as for water and sanitation. TO us



How can communities be better resourced make certain socially driven projects succeed and remain sustainable?



SMS us on 35697 using the keyword WATER and tell us what you consider. Please incorperate your name and province. SMSes run you R1.50. By engaging, You agree to receive occasional marketing material.


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