Vermont Statutes Title 8 Sec. 5030
Terms Used In Vermont Statutes Title 8 Sec. 5030
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Surplus lines broker: means an individual licensed under this chapter and chapter 131 of this title. See
- Surplus lines insurer: means a non-admitted insurer with which insurance coverage may be placed under this chapter. See
§ 5030. Liability of surplus lines insurer for losses and unearned premiums
If a surplus lines insurer has assumed a surplus lines coverage through the intervention of a licensed surplus lines broker of this State, and if the premium for that coverage has been received by that broker, then in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received that premium and the insurer shall be liable to the insured for losses covered by such insurance and for any return premiums due on that insurance to the insured whether or not the broker is indebted to the insurer for such insurance or for any other cause. (Added 1979, No. 50, § 2; amended 2019, No. 57, § 11.)