Q. How are the copies of the policy distributed when a policy is issued, either as a new policy or as a renewal?
A. All copies are mailed to the Surplus Lines Broker for distribution. This includes any certificate copies that were issued with the policy.
Q. How should the Surplus Lines Broker distribute the policy copies received?
A. The signed policy copy with the jacket is intended for the insured. Identical copies without the jacket are provided for the Surplus Lines Broker, the retail agent and Surplus Lines Association. These copies may or may not be identical to the broker/agent copy depending upon the state in which the insured is domiciled. For instance, Oregon requires only the declaration pages, but Idaho and Washington require a complete copy of the policy. Other states have requirements that we observe when creating the Surplus Lines Association copy within the policy set.
Q. How do I request additional copy(s) of the policy?
A. The Surplus Lines Broker can contact a Rainier Underwriter and request a policy copy. It will take a few days to produce the copy and mail it. There is no additional charge for this service.
Q. If the policy is endorsed mid-term, how are the copies distributed?
A. All copies of mid-term endorsements are mailed to the Surplus Lines Broker for distribution.
CERTIFICATE HANDLING
Q. Do certificates of insurance need to be issued by Rainier?
A. In most cases, a certificate of insurance can be issued by the Surplus Lines Broker, however, there are exceptions. We make a distinction between certificates of insurance only and those certificates of insurance that confer additional insured status. Certificates of insurance only (no additional insured) can be issued by the Surplus Lines Broker but not the retail agent. A copy of the certificate must be furnished to Rainier. Certificates of insurance evidencing an additional insured already recognized on the policy may also be issued by the Surplus Lines Broker. A copy of the certificate must be furnished to Rainier. Any new or revised additional insured interest requires prior written approval from a Rainier Underwriter and confirmed acceptance of any additional premium. Upon approval and acceptance, a certificate of insurance may be issued by the Surplus Lines Broker. The endorsement adding the additional insured is then processed by Rainier and sent to the Surplus Lines Broker.
PREMIUM FINANCED ACCOUNTS
Q. If a policy premium and fees are financed through a premium finance company; does the finance company notify Rainier?
A. No, the finance company does not notify us, as Rainier is not a party to the agreement. The agreement is between the insured and the finance company, though it is generally faciliated by the retail agent. Please forward a copy of any Notification of Financed Premium as soon as it is received. We need this document in order to note the assignment of premiums, and advise the finance company of minimum earned premiums and earned fees.
NOTICES TO THE INSURED
Q. Why does the Surplus Lines Broker only receive one copy of cancellation, nonrenewal and reinstatement notices?
A. When we mail notices of cancellation, nonrenewal and reinstatement, we mail them separately to the insured, the Surplus Lines Broker, and any certificate holders. The broker is responsible for conveying a copy of the notice to the retail agent. Please note: cancellation and reinstatement tickets (the transaction records for actual cancellations and the reinstatements that occur after the cancellation transaction) are mailed to the Surplus Lines Broker in bulk for distribution like other endorsements.
RENEWAL QUOTES
Q. How and when are renewal quotes released?
A. Quotes are sent to the Surplus Lines Broker via email or fax approximately thirty (30) days prior to the renewal date. If an immediate quote outside that timeframe is needed, please contact your underwriter. Renewal quotes typically include a terrorism coverage offer and, if applicable, notice of any form changes since the prior term, and any optional coverage offers.
SIGNATORY ENDORSEMENT
Q. How are signatory endorsements handled?
A. When the policy is issued, extra copies of forms that require an insured's signature are printed and sent to the Surplus Lines Broker with the policies. The broker will forward two sets to the Retail Agent for presentation to the insured. The insured should retain one copy, sign the other and return it in the accompanying self-addressed envelope to Rainier. Forms requiring signatures should be mailed back to Rainier within thirty (30) days of binding. We do not typically require new signatures on renewals unless the exposure has changed, or the signatory form has been updated. However, we do reserve the right to request new signatures if deemed appropriate.
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