Non-Admitted Insurer Terminology
A non-admitted insurance is organization that is not permitted or licensed to do business in a particular state.
What is Non-Admitted Insurer?
A non-admitted insurance is organization that is not permitted or licensed to do business in a particular state. While these carriers sell policies that aren't backed by your state, most states will regulated these non-admitted insurer.
An non-admitted insurance company isn't required to be approved by the state, so:
- The insurer may not be in compliance with state regulations.
- Even if the case is active during the time of bankruptcy or financial failure, it is not guaranteed that claims will be paid if the insurer becomes insolvent.
- It is not possible for policyholders to appeal to the state Department of Insurance if they believe their case has been handled improperly.
Landlord Insurance Glossary Index
Get coverage in minutes
No hidden cancellation fees. Competitive rates nationwide.