More items have been proposed for the California export list than in recent memory, including online coverage, benchmark products, earthquakes and COVID-19, according to an expert on surplus lines.
The California Department of Insurance has given official notice that the next export listing hearing will be held by phone on December 10.
The export listing is the list of covers, maintained by CDI, which qualifies for a placement in the line excess market without the broker having to get three drawdowns from the recognized market. Coverage is placed on the Export List after the CDI holds a public hearing and determines that the coverage is not readily available in the acceptable market.
Adding a risk or coverage to the export list requires evidence that there is no suitable or reasonable market for that risk or coverage in the recognized market, or that the type of coverage is intended for new and innovative products that have a reasonable or suitable market among which the recognized insurance companies have not had time. To develop.
More than two dozen states have some form of export listing, but the process of listing an item in California is long and difficult.
The California Export List requires an administrative process, including gathering input from insurers or brokers for surplus lines with a request for items to be added to the list, appropriate notice of the possibility of an item being listed on or off the list and a formal public hearing – follow-up A hearing can also be requested.
This year, there are dozens of items proposed for the list.
“If there were 12 items on the export list before, it was long before my time,” said Ben McKay, executive director of the Surplus Line Association in California.
There are usually between zero and two items proposed to the list each year, according to McKay.
In the past year, there were six items proposed.
A change in the law more than two years ago gave CDI the authority to add “new and innovative products” to the list. An example of the new and innovative products added to the list last year is the coverage of commercial drones.
Mackay said it made sense to add new, innovative products to the list.
He said, “New products are usually insured in the surplus lines market, and when they mature and create a record of loss, the recognized market has to look at it and take it.”
McKay said more people in the redundant lines industry are finding the change in law a valuable tool to save time and effort to get a hold of markets they know don’t exist.
He said, “We support the fair addition and subtraction of things from the list.” “Our entire goal is to ensure consumer protection.”
There are approximately 62 items in the current list.
There may be requests to add the following products and / or formats to the export list:
Brush for exposed homeowners Commercial property insurance for accounts in the high brush areas category – Trucking: Vehicle Commercial Liability and Physical Damage to Excess Cars Auto Liability and Excessive Liability with Large Production of Auto Components Related to Cast COVID, Civil Authority and Impending Risk Insurance All Commercial Earthquake Teams In Scaffold / Scaffold Conditions and Risks Cyber Coverage Commercial Electronic Liability in First Dollar, Parametric Earthquake Gap Coverage for Economic Loss (No Material Damage Requirement) Parametric Earthquake Insurance (No Physical Damage Requirement, No Discount, No Claims Adjustment – 70% Vibration Intensity or Higher coverage of actuators).
The CDI also advises that there may be a request to remove the limit “with coverage limits in excess of $ 10,000,000” from “DIC / Quake Stand-alone for policies with coverage limits in excess of $ 10,000,000”.
The CDI has given official notice that the next export listing hearing will take place over the phone at 10:00 AM on December 10. Anyone wishing to participate can do so by calling 844-867-6169 and entering 5618354 as the passcode. Participants who wish to testify will receive instructions on how to testify once they arrive at the hearing.
The CDI asks participants to respond to the attendance call by November 27 by email [email protected] Responses to the invitation must include the names of the participants, the organization they represent, and the email address of each participant. RSVP CDI will assist with certification administration, and speaking opportunities will be given to those who register in advance.
Written certification, comments, or documents must be emailed to CDI and received by CDI at [email protected] no later than 5 PM on December 10.
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