A Kentucky insurance agent and agency have agreed to a $50,000 penalty for selling Texans millions of dollars worth of boat insurance without the special license required for placing business with Lloyd’s of London and other surplus lines companies.
Texas Commissioner Jose Montemayor issued a consent order requiring Randall Dean Troutman of La Grange, Kentucky, and his Admiralty Yacht Insurance Co. Inc., to pay the penalty and also to stop selling surplus lines policies without a surplus lines agent’s license.
Troutman agreed to the order while denying he had broken any Texas insurance laws. The order requires Troutman to reimburse the Texas Department of Insurance $50,000 for investigative and legal expenses and for the future costs of monitoring his compliance with the order. According to TDI investigators, Troutman and Admiralty operated in the Seabrook area. During a three-year period, they wrote approximately $3 million in premiums for insuring pleasure boats with Lloyd’s of London.
Topics Texas Agencies Excess Surplus
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