Property/casualty insurance coverage that isn't available from insurers licensed in the state, called admitted companies, and must be purchased from a non-admitted carrier. Examples include risks of an unusual nature that require greater flexibility in policy terms and conditions than exist in standard forms or where the highest rates allowed by state regulators are considered inadequate by admitted companies. Laws governing surplus lines vary by state.

"Surplus Lines" In Context

"She holds CPCU and CPA designations and is a licensed property and casualty agent and surplus lines agent in more than 40 states. About Oak Street Funding The Carmel, Ind.-based Oak Street Funding (www.oakstreetfunding.com) is a family of ..."