The Prime Insurance Syndicate Inc. has received approval to write surplus lines insurance business in Vermont through the INEX Insurance Exchange effective as of April 7, 2005.
Prime, which offers solutions for hard-to-place risks, will offer surplus lines coverage in Vermont including Commercial Auto, Liability and Property, Inland Marine, Garage Liability and Towing, Healthcare Services, Select Personal Lines, and Professional Liability among others. With authorization in Vermont, Prime now has the authority to write surplus lines business in 42 U.S. states and territories.
As a participant of INEX, Prime must meet reserve and surplus ratio requirements mandated by the INEX Board of Trustees. The INEX Insurance Exchange Guaranty Fund, a non-statutory guaranty fund that is maintained to pay certain claims in the event of insolvencies, provides additional security for coverage provided through INEX.
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