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The surplus lines market plays a critical role in the insurance ecosystem by providing coverage for hard-to-place and specialized risks. For WSIA’s 2019 Annual Marketplace September 22-25, read up on the unique lines and market trends impacting the specialty and E&S industry.

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A decade of soft market conditions, undisciplined underwriting and underpriced business, coupled with catastrophic losses and increased storm activity, has caused markets to dry up and underwriting to become more selective. (Photo: Subbotina Anna/Fotolia) A decade of soft market conditions, undisciplined underwriting and underpriced business, coupled with catastrophic losses and increased storm activity, has caused markets to dry up and underwriting to become more selective. (Photo: Subbotina Anna/Fotolia)

The past few hurricane seasons may be a distant memory, but they have left a lasting impact on the marine market. Recreational marine and yacht owners will pay the price for the damage caused by recent major hurricanes and should brace themselves to ride the wave of premium increases. The renewal cycle will not afford them the same favorable pricing, terms and conditions as they had grown accustomed to in previous years. 

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