Florida Surplus Lines case studies
Florida Surplus Lines · Put your knowledge to work in context.
The Florida surplus lines agent license - often called the 3-20 license - is a Florida Department of Financial Services credential for insurance professionals who place coverage with eligible non-admitted (surplus lines) insurers when the admitted market cannot or will not write the risk. It is aimed at licensed agents and brokers who already understand basic property and casualty concepts and now need to work within Florida's surplus lines placement rules, including diligent-effort search requirements and premium tax and filing obligations. The Florida Surplus Lines case studies are 5 cases and about 2,901 words.
1The Carrier That Wasn't on the List
A Tampa agency insures a three-location restaurant group: commercial property at 1.4 million total insured value plus general liability. The admitted market has been difficult - the file contains written declinations from two authorized carriers (one citing roof age, one citing the liquor exposure).
639 words, about 3 min2Gross Premium, Return Premium, and the Quarterly Report
A surplus lines agent is closing the quarter. Four items are on the desk: 1.
580 words, about 3 min3Coinsurance Penalty, the Mortgagee, and the Careless Tenant
A surplus lines property policy covers a Miami warehouse with a replacement cost value of 1,000,000. The policy carries a limit of 600,000, an 80% coinsurance clause, and a 5,000 deductible.
531 words, about 3 min4The Sunday Night Binder
A general contractor needs a certificate of insurance before a Monday morning job-site walkthrough. On Sunday evening the retail producer emails the wholesaler, who replies: "We can probably get this bound - send it in." The producer issues a binder effective 12:01 a.m.
568 words, about 3 min5The Carrier That Lost Its Eligibility
In March an agency placed a $3 million habitational property policy with an eligible surplus lines carrier for a 120-unit apartment complex. In July the Office of Insurance Regulation removes the carrier from the eligible insurer list following a financial downgrade.
583 words, about 3 min