What is an Affidavit?
An affidavit is a written statement of facts signed by the agent and/or insured. Affidavits are notarized. This means they are approved by a notary public or other public official appointed by a state government. These individuals have the authority to witness the signing of important documents and verify the identity of those signing it.
Affidavits are often required by the state. They help to minimize fraud and ensure the truth of the information listed on a document. They can summarize the effort made to find coverage with an admitted insured (diligent search). They can also describe the risks associated with SL/Non-Admitted carriers.
This article will review insurance endorsements in the excess and surplus lines market—what an insurance endorsement is, what types of endorsements exist, how to file an endorsement and more. Continue reading.
It is the obligation of the surplus line broker to maintain a copy of the originating producer’s documentation of diligent effort. The diligent effort is confirmation that coverage has been requested and declined from authorized insurers within the admitted market. But what is the point of the diligent effort? Continue Reading.