Regulatory
Surplus Lines Broker
A specially licensed insurance broker authorized to place coverage with non-admitted carriers when the standard admitted market cannot provide adequate coverage. Surplus lines brokers are essential in law firm insurance because many legal malpractice policies are written by non-admitted carriers that offer broader or more specialized terms. These brokers must comply with state-specific surplus lines laws, including filing requirements and premium tax obligations. Firms seeking coverage through surplus lines should verify their broker holds a valid surplus lines license in the relevant state.
Related terms
Surplus LinesInsurance coverage provided by carriers that are not licensed (admitted) in the state where the poli...Admitted CarrierAn insurance company that is licensed by the state insurance department to write business in that st...Binding AuthorityThe delegated power granted by an insurance carrier to an agent, broker, or managing general agent t...