Department Changes Stance on Vacant Properties
If you write habitational and vacant properties, take note: Certain properties now require three declinations before going to the surplus lines market.
The Pennsylvania Insurance Department updated its export list (hard-to-place risks which do not require a diligent search) to exclude 1-4 family unit residential dwellings and individually owned residential units in larger residential buildings. The change likely is a result of more admitted carriers accepting these risks in recent years.
Brush up on the state’s surplus lines laws and regulations on our website. You’ll also find a comprehensive Q&A on requirements and compliance.