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Binders, what they are and their appropriate use, continue to confuse some surplus lines producers. The Excess Line Association of New York (ELANY) today issued Bulletin No. 2017-36, which defines "binder." It clarifies who can and cannot use a binder. The bulletin also explains the difference between a "binder" and a "confirmation of placement of coverage."
Improper use of binders and/or failure to file binding authority agreements with ELANY may result in disciplinary action.
ELANY also reminds all producers that temporary insurance coverage documents must be followed up by declaration pages. Producers should send these declaration pages to ELANY for review and stamping as soon as possible.
Click here to read the bulletin in full.
Learn More About Binders
To learn more about filing surplus lines policy documents in New York and nationwide, contact ILSA's Surplus Lines Tax Filings Team.