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Understanding Excess & Surplus Lines Policy Filing
Excess & Surplus Lines (E&S) policies are insurance policies providing coverage for risks that are difficult to place with traditional insurance companies. These types of policies are commonly used to insure businesses and individuals against the financial losses of damages or injuries caused by natural disasters, accidents, and other unexpected events which traditional insurance companies are unable or unwilling to underwrite due to, for example, the value of coverage sought.
Some states require brokers to submit these policies to the insurance department for review and approval, typically within 30 days of the policy being issued. The policy filing must include information such as type of coverage, limits of liability, insured party, premium rate, and other pertinent details.
After the broker submits the surplus lines policy and pays the relevant surplus lines taxes, nearly every state requires the broker to file a detailed report summarizing all of the policies issued within a specific period. The reporting timeframe differs by state, with options ranging from monthly to quarterly, semi-annually, or annually. Knowing the filing frequency in each state is critical to remaining compliant with state insurance regulations.
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Dave Quinn
President
NAESIP
"I cannot overstate the value of their recommendations. They approached us with a strategy to change the way we manage our annual licensing fees. In the past, they all came up at roughly the same time which required us to come up with a lot of cash to cover them. Now, we’re paying out smaller amounts each month, which is much easier for our business to manage. It’s really valuable to have the kind of knowledge, expertise, and technology the 3H team puts to work on our behalf."
Chris Peterson
President
Chris-Leef General Agency, Inc.
“We started working with 3H in 2014, following multiple referrals. At that time, we had just acquired an agency and were looking for a way to eliminate liability associated with insurance compliance-related filings. The cost analysis of having to undertake this work internally didn’t make economic sense and so we engaged 3H. Our decision to do so has proved to be beneficial and very valuable; we have been extremely impressed with their services ever since.”
Les Ross
Executive Vice President
Jencap Group
“The overall compliance topic is very important to our Group, including the core issues of ensuring that we have appropriate licenses and business registrations – and that they are properly maintained in a centralized/uniform manner. The 3H team has played an instrumental role in working with us to establish a national protocol that effectively addresses these elements of our compliance effort.”
Coryn Thalmann
CEO/COO
Jimcor Agency, Inc.
“We have been working with 3H Corporate Services for over 18 years. They have been doing all our licensing since then and we have never had a problem. They are extremely reliable, and therefore, we never have to follow up or worry that our license did not get renewed. When we have had an inquiry, they are and have been extremely responsive and courteous. I highly recommend them.”