What does “excess and surplus lines insurance” refer to in West Virginia?

"Excess and surplus lines insurance" in West Virginia refers to specialty insurance coverage not available in the standard market. This type of insurance is designed to provide coverage for risks that are difficult to insure through traditional means due to their unique nature or higher risk profile.

In many cases, standard insurance companies have strict underwriting guidelines that exclude certain risks. Excess and surplus lines insurers step in to fill this gap, offering tailored coverage for businesses or individuals that may not meet the typical underwriting criteria of standard insurers. This can include industries like construction, entertainment, transportation, or other businesses with unique liability profiles.

Choosing this option accurately reflects the purpose of excess and surplus lines insurance, as it specifically addresses the needs of those who seek coverage that isn't typically available in the mainstream insurance market. This is essential knowledge within the context of West Virginia insurance laws, particularly for agents and consumers looking to navigate the complexities of insurance types and options.