What is an Policy?
A written contract of insurance between the insurer and the policyholder. It is typically composed of a declarations page, policy form, and endorsements or riders that amend the policy form.
Unlike an admitted carrier, non-admitted carriers are not backed by the state. They are not required to sell policies that adhere to the same standards as admitted carriers. However, non-admitted carriers are often still regulated by states they do business in.
Due to these less rigid standards, non-admitted carriers have more flexibility when designing coverage, selling policies, and writing risks. Companies that are struggling to find coverage in the admitted market often have more success in the non-admitted market.