Surplus lines insurance is a specialized form of property and casualty insurance that provides coverage for risks that regular insurance companies may not take on. It is often used to cover new or nonstandard risks that lack historical data for pricing. This type of insurance can be purchased by individuals and businesses and can be sold by insurers not licensed in the buyer’s state. However, the surplus lines insurer must be licensed in its own state and brokers selling surplus lines insurance must be licensed in their own state as well. Surplus lines insurance is generally more expensive than regular
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