On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name of the eligible excess (surplus) lines insurer, and the kind of insurance procured.
ELANY notes that when submitting placements through a Lloyds syndicate, the actual syndicate(s) (including identification numbers) must be submitted along with respective percentages of participation. Furthermore, the binder or confirmation of coverage must specifically identify Lloyds as the market, and the excess lines broker must verify that it has used only eligible syndicates.
For a copy of the bulletin, please click here. Please note that the use of Lloyds syndicates in the placement of surplus lines coverage will often require additional documentation to be provided to various state and federal agencies, including in instances where an insured wishes to satisfy financial responsibility requirements. We are able to provide guidance when requested in these areas.