Official Delaware Sl Form in PDF

• Application for Insurance: Similar to the Delaware SL form, an application for insurance outlines the details of the coverage sought. It typically requires information about the insured and the risks involved, much like the SL form's request for coverage details.
• Insurance Policy: The insurance policy itself is a formal document that provides the terms of coverage. While the SL form is a preliminary step, the policy finalizes the agreement between the insurer and the insured.
• Certificate of Insurance: This document serves as proof of insurance coverage. Like the SL form, it contains essential details about the coverage but is often used to verify that insurance is in place for specific projects or activities.
• Endorsement: An endorsement modifies an existing insurance policy. Similar to the SL form, it may be used to add or change coverage terms, reflecting the insured's needs.
• Claims Form: A claims form is submitted to request payment for a loss covered by an insurance policy. Both the claims form and the SL form require detailed information about the circumstances surrounding the insurance coverage.
• Broker Agreement: This document outlines the relationship between the insured and the broker. Like the SL form, it details responsibilities and expectations, ensuring both parties understand their roles.
• Divorce Settlement Agreement: For couples navigating the separation process, the comprehensive divorce settlement agreement document serves to outline the terms agreed upon, addressing key issues such as asset division and custody arrangements.
• Binding Authority Agreement: This agreement allows a broker to bind coverage on behalf of an insurer. It shares similarities with the SL form in that both documents involve the broker's authority to act on behalf of the insurer.
• Disclosure Statement: A disclosure statement informs the insured about potential risks and limitations of coverage. Much like the SL form, it emphasizes transparency in the insurance process.
• Underwriting Guidelines: These guidelines outline the criteria for risk assessment and coverage approval. Similar to the SL form, they help ensure that the insurance process is thorough and compliant with regulations.

Delaware Sl - Usage Steps

Completing the Delaware SL form is an important step in ensuring that your insurance coverage is properly documented and compliant with state regulations. This process requires careful attention to detail and an understanding of the necessary information to provide. Below are the steps to guide you through filling out the form.

1. Identify the submitting party: At the top of the form, select whether the form is being submitted by a Delaware Insurance Department Producer or a Surplus Lines Broker.
2. Fill in the policy information: Enter the policy number and the name of the surplus lines insurer, along with its NAIC number.
3. Provide the insured's information: Write the name and mailing address of the insured.
4. Enter policy term details: Specify the effective date and expiration date of the policy using the MM/DD/YYYY format.
5. Indicate the amount of insurance: Fill in the amounts for property and casualty insurance.
6. Describe the location of risk: Provide a brief description of where the risk is located.
7. Detail the coverage: Include a description of the coverage being provided.
8. List licensed insurers that declined coverage: For each insurer that declined to cover the risk, provide the name, NAIC number, contact name, phone number, and reason for declining. Repeat this for three insurers.
9. Attest to the diligent effort: Confirm that you have made a diligent effort to procure insurance from licensed insurers and explain the circumstances that led to seeking coverage from non-licensed companies.
10. Inform the insured: Ensure that you have explained to the insured that the coverage is with a non-licensed insurer and that they understand the implications.
11. Deliver evidence of insurance: Provide the insured with evidence of the insurance that includes the required stamp indicating the insurer's status.
12. Sign and date the form: The licensed producing agent must sign and date the form. Include the name of the producer, the Delaware license number, and the name of the agency or individual broker.

After completing these steps, ensure that the form is forwarded to the licensed surplus lines broker or retained as part of the broker's records. This form must be accessible for examination by the Commissioner for five years after the issuance of the coverage.

When dealing with the Delaware SL form, several other documents and forms may also be necessary. These documents help ensure compliance with state regulations and provide additional information related to surplus lines insurance. Here’s a list of commonly used forms alongside the Delaware SL form:

• Statement of Diligent Effort (Form SL-1904): This form is crucial for demonstrating that the producer made reasonable attempts to obtain insurance coverage from licensed insurers before resorting to surplus lines brokers.
• Surplus Lines Broker License Application: Individuals or entities wishing to operate as surplus lines brokers must complete this application to obtain the necessary license from the state.
• Surplus Lines Tax Return: Brokers must file this return to report and pay the surplus lines tax on premiums written for policies placed with unlicensed insurers.
• Insurance Policy Document: This is the actual policy issued by the surplus lines insurer, detailing the coverage, exclusions, and terms of the insurance agreement.
• Affidavit of Diligent Search: This affidavit serves as a sworn statement by the producer confirming that they have thoroughly searched for available coverage from licensed insurers.
• Florida Employment Verification Form: This form helps employers confirm the employment eligibility of new hires, ensuring compliance with U.S. work regulations and can be found at https://floridaforms.net/blank-employment-verification-form/.
• Certificate of Insurance: This document provides proof of insurance coverage to the insured and may be required by third parties, such as lenders or clients.
• Disclosure Notice: This notice informs the insured that the insurer is not licensed in Delaware and outlines the implications, including the lack of state protections.
• Claims Handling Agreement: If applicable, this agreement outlines the responsibilities of the surplus lines insurer in managing and processing claims made under the policy.

Understanding these documents is essential for anyone involved in surplus lines insurance in Delaware. Each form plays a role in ensuring compliance and protecting the interests of all parties involved.

1. Failure to Sign the Form: The form must be signed by the licensed producing agent. Omitting this signature can lead to delays or rejections.

2. Incorrect Submission: This form should not be submitted to the Insurance Department. Ensure it is forwarded to the licensed surplus lines broker.

3. Missing Policy Information: It is essential to provide complete details such as the policy number and the name of the surplus lines insurer. Incomplete information can hinder processing.

4. Improper Date Format: Dates must be entered in the MM/DD/YYYY format. Using an incorrect format can cause confusion and errors.

5. Insufficient Diligent Effort Documentation: The form requires a declaration of diligent efforts made to procure coverage from licensed insurers. Failing to provide adequate details can lead to issues.

6. Neglecting to Inform the Insured: It is crucial to explain to the insured that the coverage is being placed with an unauthorized insurer. This ensures transparency and compliance.

7. Omitting Evidence of Insurance Delivery: As required, evidence of the insurance must be delivered to the insured, including the necessary stamp. Missing this step can result in compliance issues.

8. Inaccurate Information: All information provided in the submission must be true and accurate. Providing false information can lead to legal repercussions.

1. What is the purpose of the Delaware SL form?

   The Delaware SL form, also known as the Statement of Diligent Effort, is a document required for surplus lines insurance transactions in Delaware. It is used to demonstrate that the licensed producing agent has made a diligent effort to procure insurance coverage from licensed insurers. If coverage cannot be obtained from authorized insurers, the agent may seek coverage from non-licensed insurers. This form must be signed by the producing agent and either forwarded to the licensed surplus lines broker or retained by the broker as part of their records.

2. Who needs to sign the Delaware SL form?

   The form must be signed by the licensed producing agent. It is essential that the agent forwards the signed form to the licensed surplus lines broker. Alternatively, the surplus lines broker may sign and retain the form as part of their records. This ensures that there is a clear record of the diligent efforts made to secure insurance coverage.

3. How long must the Delaware SL form be retained?

   According to Delaware law, the Delaware SL form must be kept open for examination by the Commissioner for a period of five years after the issuance of the coverage it relates to. This requirement helps maintain transparency and accountability in surplus lines insurance transactions.

4. What information must be included in the Delaware SL form?

   The form requires various pieces of information, including:

   • The policy number and name of the surplus lines insurer.
   • The insured's name and mailing address.
   • The effective and expiration dates of the policy.
   • The amount of insurance for property and casualty.
   • A description of the coverage being provided.
   • Details of the licensed insurers that declined to provide coverage, including their names, NAIC numbers, contact information, and reasons for declining.

   Additionally, the agent must declare that they have explained to the insured that the coverage is being placed with a non-licensed insurer and that the insured understands the implications of this choice.