surplus line
- Refers to an insurance policy that is given by an insurance provider that is not licensed in the state to conduct business, with the exception of conducting business through a broker who has a special license
- A homeowner obtained a surplus line insurance to cover risks not covered by licensed insurers in the state.
- Because it was complex to get coverage for the unique building, a surplus line insurer was used.
- The special risks involved in the construction project required a surplus line insurance provider.
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