E.A Kelley Co.
Q: Can I issue a certificate of insurance?
A: No. Only an "authorized representative" of the Insurance Company can issue a Certificate of Insurance. None of our Company partners permit our Brokers/Retail Producers to issue certificates.
Q: Are non-profit entities exempt from Surplus Lines Tax?
A: No.
Q: Once an E. A. Kelley Quote is issued to a Broker, does the Broker have authority to bind as quoted?
A: No. None of our Company Partners permit us to delegate binding authority to Broker/Retail Producers.
Q: Why do some States require Surplus Lines affadavits?
A: These documents explain to the policyholder that the Insurer is unlicensed in their state and as such is not protected by State Guaranty/Insolvency Funds.
Q: What is the difference between MINIMUM EARNED PREMIUM and MINIMUM & DEPOSIT PREMIUM?
A: Minimum Earned Premium means that if a policy is cancelled before the minimum is earned, customary pro-ration of return premium does not apply.
Minimum & Deposit Premium means that if the premium is subject to Audit at expiration, there is opportunity for ADDITIONAL PREMIUM ONLY if the basis of premium turns out to be higher than estimated. No premium will be returned based on Audit, if the premium basis is lower than estimated.
Q: What is a Surplus Lines Insurer? How is it different from a Licensed Insurer?
A: A "Surplus Lines Insurer" is not licensed by the State. Unlicensed Insurers may be approved to sell insurance in a paticular State, but they are typically free from rate and form regulations by the state.
Q: Do Surplus Lines Insurers usually conduct premium audits at expirations of CGL policies?
A: Most Policy Conditions entitle the Insurer to audit an adjustable policy. The Insurer may elect not to, based on its underwriting guidelines. However, Policyholders need to understand that if the policy language permits it, Premium Audit is always an option for the Insurer.
Q: Can I assign loss adjusters in the event of a claim
A: No. Send a completed ACCORD loss notice with the relevant information to E A Kelley. We will forward to the relevant company within 1 work day.
Q: What is "Actual Cash Value"?
A: When "Actual Cash Value" is used in a policy, a policy owner is entitled to the depreciated value of the damaged property.
Q: What is "replacement cost"?
A: When "replacement cost" coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.


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