Jim would like to start a business raising thoroughbred racehorses.The business would be the first of its kind in the state where he lives.Obtaining insurance on the horses is a key concern,and he was dismayed to learn that none of the insurers authorized to operate in his state offer this specialty insurance.What is the name of the intermediary which Jim can use to place this coverage with an insurer not admitted to his state?

Question

Quizplus · Accepted Answer

A surplus lines broker is an intermediary licensed to place insurance coverage with non-admitted insurers, which may include specialty coverage not offered by admitted insurers. In this case, Jim can use a surplus lines broker to find an insurer who offers thoroughbred racehorse insurance coverage.

Jim Would Like to Start a Business Raising Thoroughbred Racehorses