e&s insurance

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PostPosted: Thu Oct 16, 2008 5:16 am   Post subject: e&s insurance  

Hi, is there anyone who would tell me about e&s insurance ?


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PostPosted: Thu Oct 16, 2008 5:26 am   Post subject:   

Only think I can tell you is that it's a policy written to cover a risk that is not normally covered under a standard policy.



(Did I get that right?)

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PostPosted: Thu Oct 16, 2008 6:12 am   Post subject:   

Hi,

The e&s insurance is a benefit for the insurance consumers that enables them to obtain P&C insurance from the state controlled insurance market. Under such market conditions all the insurance professionals, the carriers as well as the policy holders would be able to design insurance policies and obtain their right to question prices depending on the risks associated. The E&S market is capable of meeting the challenges associated with the changing market conditions and needs of insurance consumers.

Crossbreed


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PostPosted: Thu Oct 16, 2008 10:54 am   Post subject:   

Quote:
(Did I get that right?)




The e&s insurance had come into force ever since a majority of the insurance applicants started complaining about their applications getting rejected for not meeting the underwriting criteria with most of the standard carriers. Applications got rejected due to a number of factors e.g. individual coverage criteria, insufficient data pertaining to losses etc. Thanks..Purpleheaded08

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PostPosted: Thu Oct 16, 2008 1:47 pm   Post subject:   

Hi all..see, an E&S insurer may not have the license issued by the state govt. but still they are permitted to carry on their operations within the state. That's the reason many of us would like to call them the unlicensed carriers. But, yeah they would certainly need to follow a separate set of guidelines laid for them. They would generally need to share financial information along with other vital data. Roddick

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PostPosted: Thu Oct 16, 2008 1:59 pm   Post subject:   

Hi,



Quote:
see, an E&S insurer may not have the license issued by the state govt. but still they are permitted to carry on their operations within the state.




But, I've heard that their operations are pretty much restricted under different circumstances..



* They would never be able to issue any insurance coverage of the general kind

* The guarantee fund under the state govt. is in no way responsible for protecting them.

* The taxes applicable to them are much higher compared with the usual kind

* They are allowed to issue policies only if the application has not been accepted by 3 different general carriers

* The agent forwarding the policy request has to have a license for surplus lines.

So, now you probably got the real picture!

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PostPosted: Thu Oct 16, 2008 6:28 pm   Post subject:   

All good info. The company I work for is now writing these policies. I've not seen a claim on one yet. I went to a few meetings where they talked about them but it was mostly going over my head.

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PostPosted: Fri Oct 17, 2008 10:29 am   Post subject:   

Hi, there are some rate & form norms applicable on companies belonging to the standard market. But, these e&s insurance carriers are quite lucky, as they are not governed by such norms.

These norms would allow the general carriers to alter the extent of coverage and the cost associated with such coverage. The time consumed and cost related to the filing process wouldn't have any impact on such alterations. Roddick

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PostPosted: Wed Nov 19, 2008 11:03 pm   Post subject: E&S Lines insurance  

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