AS AN insurance agent for more than 25 years, I have always understood that one deals with the excess and surplus-lines market at one's own risk. For years we have struggled with submissions in which we have applied for specific coverage, only to receive quotes that bear little resemblance to what we asked for. These quotes arrive with a disclaimer that it is the insurance agency's responsibility to determine the difference between the coverage requested and the coverage actually supplied.

Then, in the hard market, E&S carriers started adding restrictive endorsements to their policies. The problem this creates for us is three-fold:

-First, in most cases, all we are given is the name of the endorsement, without the wording.-Second, we often receive the quote only days before the coverage must be bound, so we have little or no opportunity to review the actual wording of the endorsements.-Third, the number and complexity of the endorsements continue to grow.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.