In an evolving insurance landscape, the Due Diligence Form (Form DDF – Revised 8/09), issued by the Offices of the West Virginia Insurance Commissioner, emerges as a pivotal document, especially within the surplus lines market. This comprehensive form serves multiple purposes, notably for new applications, renewals, or rewrites, accompanied by a mandatory Customer ID number. Its rigorous requirements demand detailed information about the risk to be insured, including but not limited to, the insured's name and address, risk description, and the specific type of insurance coverage sought. A critical component of the form is the inquiry into whether the requested insurance type and location are listed on the West Virginia Export List. If not, it mandates, under the threat of perjury, a diligent search by the licensed individual insurance producer for comparable coverage from licensed insurers within the state. It uniquely captures the outcomes of these searches, including the names of insurers that declined the risk, their reasons for declination, and pertinent contact information. Importantly, the form includes a notice to the insured about the implications of proceeding with a surplus lines insurer, highlighting matters of solvency and the absence of protection by any West Virginia guaranty fund. Culminating in affirmations by both the insured and the licensed insurance producer, the Due Diligence Form ensures a transparent, thorough vetting process, necessitating retention in the producer's office for potential examination by the commissioner, a requirement underscored by regulations W.Va. C.S. R. §114-20-4.2(a) and §114-20-4.5.
| Question | Answer |
|---|---|
| Form Name | Due Diligence Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | west virginia due diligence form, west virginia department of insurance surplus lines due diligence form, wv due diligence form, blank due diligence form |
