Admitted vs Non Admitted Insurance Carriers What's the Difference?

robfreeman.com... - What is the difference between admitted and non admitted insurance carriers? And I get this question a lot because I work with admitted and non admitted insurance carriers.
Especially when I'm working with a solar or other green energy company, that's doing something out of the ordinary... For example a new type of solar technology or they're working on a project in a location that's maybe too difficult to write insurance for a geographic location, where there maybe is a lot of storms.
Puerto Rico is a place where insurance is very difficult to write for solar projects and other things like that. And so this question of admitted versus non-admitted insurance often comes up and people want to know what's the difference.
Often it's because you're placing them with a non admitted insurance carrier and they see that term "non-admitted" and they think, "Hmm, is that bad in some way?"

[@isaacamsel6799]

very helpful thanks!

[@RobFreeman]

Glad to help!

[@kidshaw]

Thank you

[@RobFreeman]

You're welcome!

[@94crocky]

And an admitted company pays toward a state guaranty fund of sorts (maybe called a solvency fund), so that if the company goes out of business the state pays the carrier's claims (up to a state-specified limit).....At least thats what I heard from my insurance retail agent today. Does this sound right Rob?

[@snehapoddar-1]

Hey Rob, this is super helpful. I was wondering why would it be difficult to get insurance for solar projects in Puerto Rico? Is it because of hurricanes? Thanks in Advance!!

[@RobFreeman]

Yes, PR is tough. If the project is large enough it's doable...

[@snehapoddar-1]

@@RobFreeman Thank you!

[@chillday3092]

Hey Rob, can you please make a video on ‘Home state’ concept

[@RobFreeman]

I will work on it... 👍

[@BannerCare]

Hi Rob, thank you for the video. Do you know how long it takes to get malpractice insurance at a family clinic?

[@RobFreeman]

No problem...! It shouldn't be difficult to get. Depends on different things like the size of the family practice, location, type of medicine, and if they've had any claims, etc.

[@mybeloved4ever186]

Hey Rob, just came across your channel. Would a vacant property be require a surplus lines policy and what would be the life of that policy?

[@RobFreeman]

Hi, it depends on the property. A lot of property insurance carriers will not accept vacant properties, which will leave you with excess and surplus lines that may consider it. The life of the policy is usually 1 year...

[@mybeloved4ever186]

@@RobFreeman thanks for responding!