May 10, 2018

What's Happening This Week

To Use or Not to Use?

That is the question when it comes to disclosure forms. The answer is: it depends on the type of coverage.

The law requires that certain coverages have a disclosure form signed by the consumer when being placed in the surplus lines market 626.916(3)(b)3., F.S. We provide a sample form containing the required disclosure language for the retail agent’s use.

If you are acting as both the retail and surplus lines agent, you are responsible for securing the consumer’s signature on the disclosure form and maintaining the form under the record retention requirements as the retail agent.

Since this form could provide a defense against any allegation that the consumer was not aware they were being placed in the surplus lines market, you may want to consider using it for every transaction, even when it is not required by law.

When accepting business from a retail agent, you may want to discuss the use of this form with them. You can never have too much protection against an allegation of “The agent never told me.”      

Don't forget to sign up for Lunch and Learn, our tailor-made training program designed just for you and your staff.

The FSLSO team will come to your office and provide a hands-on, customized training session that addresses the specific needs of your agency.

We still have openings for Lunch and Learn sessions. Contact outreach@fslso.com to schedule a session for your agency.

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Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.