What does a “preferred admitted company/risk” mean?

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PostPosted: Sat Oct 20, 2012 6:02 pm   Post subject: What does a “preferred admitted company/risk” mean?  

What do they mean by "preferred admitted companies" I often hear the response go something likeÂ…Â….

I typically write with preferred admitted companies

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PostPosted: Sat Oct 20, 2012 6:15 pm   Post subject:   

"Preferred" means nothing other than someone likes them more than another company.



Admitted companies are those which are authorized by the state to market insurance in your state. Some risks are not insurable in the "standard" market and must be insured in the "surplus lines" market, which is commonly known as "nonadmitted" -- the companies are not regulated in the same way as admitted companies. But they must be on the "approved" list of nonadmitted insurers for your state.



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PostPosted: Tue Oct 23, 2012 6:40 pm   Post subject:   

Thanks for the response MaxHerr.


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PostPosted: Tue Oct 23, 2012 6:42 pm   Post subject:   

Thanks for taking your time to explain the difference.


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