May 31, 2018
What's Happening This Week
2018 Annual Customer Survey
It's that time of year again! Every year FSLSO asks for input about our service and your satisfaction with our service through an online survey.
This survey helps us ensure we continue to provide the highest quality service and improve our products.
All survey participants have a chance to win a $100 American Express gift card, as well as other assorted prizes.
Tell Me About Those Fees, Please
Often it can be confusing to discern what fees are allowed to be charged, what fees are taxed and which ones can be retained by the agent.
First, certain fees that are required to secure the coverage can be charged if 100% of it is passed through to the intended recipient, such as:
- Membership fees;
- Survey fees; and
- Inspection fees.
There should be supporting documentation in the file to justify the legitimacy of the fee and to prove it was passed through.
The only fee that the surplus lines agent is allowed to retain is the policy fee of up to $35. The policy fee can only be charged once per policy and only the filing surplus lines agent is entitled to retain it, regardless of how many agents are involved in the transaction.
As for taxation, all necessary fees charged to secure the coverage, such as the ones listed above, are considered premium and therefore taxable. The service office fee and any assessment levied (Citizens, Hurrican Catastropher Fund, EMPA) are not considered taxable.
Did you know that events like the Daytona 500 are set up like temporary cities?
Learn about this and more on this month's edition of the PalmCast.
This episode features David Holcombe, former Director of Risk Management for NASCAR and International Speedway Corporation.
Episode #2 of the PalmCast is live on fslso.com, iTunes, and Stitcher.
If you have topic suggestions or other questions send an email to outreach@fslso.com.
Subtropical Storm Alberto slogged into Florida over the weekend, making for a wet Memorial Day for most Floridians.
Alberto will continue to move slowly north, causing rain and thunderstorms throughout the southeast.
We hope everyone made it through the storm safely.
Now that hurricane season is here, make sure your catastrophe contact information is current. Update your information in SLIP under the Reports tab.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
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