What are the two main types of surplus lines insurance?

Surplus lines insurance is primarily designed to provide coverage for unique or high-risk insurance needs that are not typically met by standard insurers. The two main types of surplus lines insurance are property and liability insurance.

Property insurance covers physical assets like buildings, equipment, and inventory against risks such as fire, theft, or natural disasters. Liability insurance, on the other hand, protects businesses and individuals from legal claims arising from injuries or damages caused to another party.

These categories are essential in the surplus lines market because they allow policyholders with atypical risks to access coverage that standard markets may not provide. Surplus lines insurers offer innovative solutions tailored to specific needs, which is particularly important in today's dynamic risk environment.