Iowa Surplus Lines case studies
Iowa Surplus Lines · Put your knowledge to work in context.
The Iowa surplus lines producer license allows a licensed Iowa property and casualty producer to place insurance with nonadmitted (surplus lines) insurers when the admitted market cannot or will not write the risk. It serves independent agents and brokers who handle hard-to-place commercial property, casualty, and specialty accounts - coastal and CAT-exposed property, vacant or distressed buildings, professional and management liability, excess and umbrella layers, and unusual or emerging risks. The Iowa Surplus Lines case studies are 5 cases and about 4,064 words.
1The $5 Million Buffer Layer and the Missing Declinations
Prairie Ag Systems, a Cedar Rapids manufacturer of grain-handling equipment, reports 80 million in annual revenue and 900 full-time employees. Its risk manager holds the CPCU and ARM designations and negotiates the company's insurance program.
833 words, about 4 min2The Lapsed License, the Operating Account, and the Undisclosed Fee
Jordan is the designated responsible licensed producer for Ridgeline Commercial Insurance, an Iowa agency holding a corporate insurance producer license with surplus lines authority. Jordan's individual license expires March 31 because he did not complete his continuing education; he finishes the credits and is reinstated May 12.
807 words, about 4 min3The Retro Date That Did Not Match the Binder
Fennimore Metal Finishing, a Dubuque job shop, buys a claims-made pollution legal liability policy from a surplus lines carrier through a wholesaler. The wholesaler's binder, issued December 20, 2023, states 'prior acts covered back to January 1, 2019.' The policy as issued for the January 1, 2024 to 2025 term contains a retroactive date of January 1, 2021 and a 60-day extended reporting period.
820 words, about 4 min4One Policy, Three States, and the Wrong Tax Allocation
Hawkeye Grain Processing is an Iowa corporation with its principal place of business in Des Moines. It operates grain elevators in Iowa (40 percent of insured values), Illinois (35 percent) and Nebraska (25 percent).
814 words, about 4 min5The Guaranty Fund Pitch and the Gift Card Inducement
Cedar Valley Risk Partners, a small Iowa agency, targets owners of independent restaurants and convenience stores. Its producer, Dana, markets a surplus lines package (property on an actual cash value basis plus general liability) through a Barbados-domiciled insurer that is authorized in Barbados but is not on the NAIC Quarterly Listing of Alien Insurers and holds no Iowa authorization.
790 words, about 4 min