Timothy Cline Insurance Agency, Inc.
Homeowner Associations »
Introduction
It’s not always easy to obtain coverage for an association. For instance, if a property has a special circumstance, such
as a poor loss history, an unfenced pool, or a very high replacement cost, they may find it difficult obtaining insurance through
the standard market. This is where an independent insurance broker can help obtain coverage by using an excess/surplus lines carrier.
Did You Know…
- An agent cannot place coverage with a non-admitted carrier without first submitting and being declined by three admitted carriers. They are then required to file a “diligent search report,” summarizing their submissions with the state.
- All insurance carriers, both admitted and non-admitted, are rated based on their performance in handling a claim, and their financial size and strength.
- The majority of professional liability policies are written with non-admitted carriers. These include contractors general liability, doctors (medical malpractice), architectural liability and attorneys liability.
- All Worker’s Compensation policies must be written with an admitted carrier.
