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TOTAL COST FORM (TAX ALLOCATED PREMIUM TRANSACTION). Applies only to policies with effective dates of on or before July 20, 2011 with risks located .

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The Total Cost Form is the policyholder's agreement with the retail broker to pay designated taxes, expenses and fees associated with the policy's placement with an excess line insurance company.

An excess line broker must pay a tax of 3.6% on the gross premium minus premiums returned to insureds when New York is the Home State of the insured (§2118(d)(1)). It is the legal obligation of the excess line broker to file tax returns and pay taxes.

For example, an ax-throwing business may have to get property and liability coverage from a surplus lines carrier because the industry is still fairly new and involves higher risk of damage or injury. The policies offered through the E&S market usually have more expensive premiums and higher deductibles.

The Surplus Lines Affidavit serves two main purposes: Confirms the agent and insured are aware that the market with which the coverage was placed is not part of that state's insurance guarantee fund. Provides a record of the collection of surplus lines taxes and state fees.

Surplus lines insurance is a special type of insurance that covers unique risks. It fills a gap in the standard market by covering things that most companies can't or won't insure.

Surplus lines insurance is specialized coverage written by unlicensed, nonadmitted insurance companies to cover specific extraordinary items and uncommon or high risks that are generally not covered by traditional insurance companies under standard policies.

Surplus lines tax: 3.6%, payable by broker to the state, plus 0.15% stamping fee payable to ELANY (reduced from 0.17% effective 1/1/2023) (Additional fee of $25 applies for late/erroneous filing).

Surplus lines insurance is a special type of insurance that covers unique risks. It fills a gap in the standard market by covering things that most companies can't or won't insure.

The Department of Financial Services requires a Notice of Excess Line Placement advising the insured that the insurer is not an authorized insurer, that the insurer's policy forms are not necessarily approved by the Department of Financial Services and the insured is not protected by a security fund in the event of the ...

The Surplus Lines Deduction allows taxpayers to deduct from their premiums “sums collected to cover federal and other state taxes and examination fees” when calculating the premium amount subject to the tax.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232