When submitting a surplus lines form, what information is typically required?

The submission of a surplus lines form requires comprehensive information to accurately assess and underwrite the unique risk that the insured presents. This includes essential details such as the insured’s information, which provides a clear identification of the individual or entity seeking coverage. Additionally, risk details are critical as they summarize the nature of the risk being insured, which helps in understanding the risk's unique characteristics and exposure.

Coverage needed is another crucial piece of information that outlines what protections or benefits the insured is seeking, allowing underwriters to tailor policies that fit the specific needs of the client. Lastly, including diligent effort details demonstrates that the broker has made reasonable attempts to secure coverage from the admitted market before seeking surplus lines options, which is a regulatory requirement. This thorough approach ensures that brokers meet compliance standards while also providing full transparency to underwriters and regulators.