Admitted vs Non Admitted Insurance Carriers What's the Difference?
Вставка
- Опубліковано 17 жов 2024
- robfreeman.com... - What is the difference between admitted and non admitted insurance carriers? And I get this question a lot because I work with admitted and non admitted insurance carriers.
Especially when I'm working with a solar or other green energy company, that's doing something out of the ordinary... For example a new type of solar technology or they're working on a project in a location that's maybe too difficult to write insurance for a geographic location, where there maybe is a lot of storms.
Puerto Rico is a place where insurance is very difficult to write for solar projects and other things like that. And so this question of admitted versus non-admitted insurance often comes up and people want to know what's the difference.
Often it's because you're placing them with a non admitted insurance carrier and they see that term "non-admitted" and they think, "Hmm, is that bad in some way?"
Hey Rob, this is super helpful. I was wondering why would it be difficult to get insurance for solar projects in Puerto Rico? Is it because of hurricanes? Thanks in Advance!!
Yes, PR is tough. If the project is large enough it's doable...
@@RobFreeman Thank you!
Hi Rob, thank you for the video. Do you know how long it takes to get malpractice insurance at a family clinic?
No problem...! It shouldn't be difficult to get. Depends on different things like the size of the family practice, location, type of medicine, and if they've had any claims, etc.
And an admitted company pays toward a state guaranty fund of sorts (maybe called a solvency fund), so that if the company goes out of business the state pays the carrier's claims (up to a state-specified limit).....At least thats what I heard from my insurance retail agent today. Does this sound right Rob?
very helpful thanks!
Glad to help!
Thank you
You're welcome!
Hey Rob, can you please make a video on ‘Home state’ concept
I will work on it... 👍
Hey Rob, just came across your channel. Would a vacant property be require a surplus lines policy and what would be the life of that policy?
Hi, it depends on the property. A lot of property insurance carriers will not accept vacant properties, which will leave you with excess and surplus lines that may consider it. The life of the policy is usually 1 year...
@@RobFreeman thanks for responding!