What reporting is required after obtaining surplus lines coverage?

Brokers are required to file a report with the Florida Surplus Lines Service Office (FSLSO) after obtaining surplus lines coverage. This report provides essential details about the policy and outlines the diligent search process that the broker followed to determine that no authorized insurer could provide the desired coverage. This requirement ensures accountability and transparency in the surplus lines market, allowing for better oversight by regulatory authorities.

The diligent search process is critical because it demonstrates that the broker has made a thorough attempt to secure coverage from licensed insurers before resorting to surplus lines options, which are typically used for risks that standard insurers may not cover. By filing this report, brokers contribute to the regulatory framework that protects consumers and maintains the integrity of the insurance marketplace.