Surplus Lines Disclosure and Acknowledgement At my direction, name of insurance agency has placed my coverage in the surplus lines market. As required by Florida Statute 626.916, I have agreed to.
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How to fill out the FL Surplus Lines Disclosure And Acknowledgement online
The FL Surplus Lines Disclosure And Acknowledgement is an important document that users must complete when obtaining insurance coverage through the surplus lines market. This guide offers step-by-step instructions for filling out the form online, ensuring that you can navigate the process with confidence and clarity.
Follow the steps to complete the FL Surplus Lines Disclosure And Acknowledgement online.
- Press the ‘Get Form’ button to access the form and open it in your online editor.
- Fill in the 'Name of insurance agency' where you indicate which agency has placed your insurance coverage.
- In the 'Named Insured' section, provide the full name of the individual or entity that will be insured.
- Sign the document in the section labeled 'By:' to confirm your agreement to the placement of coverage.
- Enter the 'Date' on which you are signing the form to ensure clear documentation.
- Print your name and title clearly in the 'Printed Name and Title of Person Signing' section.
- Specify the 'Name of Excess and Surplus Lines Carrier' for clarity on which carrier is providing your coverage.
- Indicate the 'Type of Insurance' you are obtaining to provide context for your coverage.
- Finally, specify the 'Effective Date of Coverage' to document when your policy will commence.
- Once all fields are completed, save your changes, and consider downloading, printing, or sharing the form as necessary.
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How does a Florida surplus lines agent register with the Fslso?
ing to Florida law, once you obtain a surplus lines license, you are considered a member of the Florida Surplus Lines Service Office and therefore, must register with FSLSO via the Surplus Lines Information Portal (SLIP) at https://slip.fslso.com.
What is Florida Surplus Line insurance?
Surplus lines insurance is coverage for specific risks that the standard or admitted market is either unable or unwilling to cover. While the admitted market is where most consumers find coverage, the surplus lines market is vital as a supplement for those consumers and businesses that cannot find coverage otherwise.
Under which circumstance would you need surplus lines coverage?
Surplus lines insurance is a type of secondary coverage. It's available if your business can't get sufficient primary coverage from regular insurance providers. These policies are also known as surplus liability coverage. As they cover the excess amount of risk that other insurers won't take on.
What is the Florida surplus lines law?
Surplus lines insurance is coverage for specific risks that the standard or admitted market is either unable or unwilling to cover. While the admitted market is where most consumers find coverage, the surplus lines market is vital as a supplement for those consumers and businesses that cannot find coverage otherwise.
What is the purpose of the Florida Surplus Lines Service Office?
FSLSO's chief purposes are to enhance insurance availability to consumers; provide advice and counsel for the benefit of consumers, agents, companies and government agencies; and to protect the revenues of this state. Except for coverages specifically exempt, a service fee is applicable for all surplus lines policies.
How often must surplus lines brokers submit taxes and reports for the coverage written?
Every surplus line broker and special lines surplus line broker must make an annual state tax filing. This filing is due to the Insurance Commissioner on or before March 1st of each year.
What is the Florida surplus lines tax rate?
Premium is taxed at 4.94%, regardless of the state in which there is exposure. Any subsequent endorsements would be reported to FSLSO with the Florida and Non-Florida premium breakdown, and the entire premium would be taxed at 4.94%. The tax rate reduction does not apply to independently procured coverage (IPC).
What are the duties of the Florida surplus lines Office?
In its quest to facilitate compliance, the FSLSO's responsibilities include monitoring the activities and compliance standards of licensed surplus lines agents conducting business in Florida, as well as eligible surplus lines insurers.
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