The Excess Lines Association of New York (ELANY) recently issued a news release urging brokers to take advantage of the substantial expansion of the export list which took place last fall.
Coverages included on the “export list” were substantially expanded effective as of September 2, 2009. If brokers specialize in one or more of these newly included coverages they are permitted to bypass the diligent search requirements regarding declining licensed insurers. Twenty-one separate pieces of information must be set forth to establish three declinations except for coverages on the “export list”.
ELANY said the streamlining of the affidavit compliance process requirement makes it easier to file excess line affidavits, creating efficiencies and lowering broker processing costs. ELANY is urging brokers to inform their staff and retail producers to take advantage of these benefits.
Additional details on the expanded export list are available by downloading the news release from ELANY.