What is the role of a surplus lines broker in Colorado?

The role of a surplus lines broker in Colorado primarily revolves around procuring insurance from non-admitted insurers. This type of broker specializes in finding coverage for risks that standard insurance markets will not insure, often due to the unusual or high-risk nature of the coverage needed. Non-admitted insurers are those that do not have a license to operate in a particular state but can offer insurance to consumers through a surplus lines broker.

Surplus lines brokers have the expertise to navigate the complexities of these markets and fulfill the needs of clients who require coverage that is not available in the typical offerings from admitted insurance companies. Such firms often provide broader terms and coverage for hard-to-place risks, which is essential in ensuring that diverse risks are appropriately managed.

While managing claims, underwriting, and providing customer service are important aspects of the insurance industry, they do not define the specific function of a surplus lines broker, highlighting the unique role they provide in the marketplace.