Excess & Surplus (E &S) insurance is a specialty market that insures property that standard (admitted) carriers won’t cover. Because E&S insurers are non-admitted in Georgia, the insurer does not necessarily need to comply with state insurance regulations. Two other things to consider
- If the insurer becomes insolvent, there is no guarantee that claims will be paid.
- If the policyholder think their claim/policy was handled improperly, they can’t appeal to Georgia’s department of insurance.
Things to think about include but aren’t limited to
- liability exclusions or limitations for dog bites, swimming pools, and trampolines.
- actual cash value coverage for roof claims and personal property claims.
- limited billing options or expensive premium financing if you cannot pay in full.
If you’ve been non-renewed in Georgia, and can’t find coverage with an admitted carrier, consider an E&S insurer before self insuring. Remember, an E&S policy won’t offer you the same coverage terms as your expiring policy so be careful to review the policy with your local independent insurance agent.