SLTX to Provide Updates on Coverage and Class Codes

Nov 23, 2020 | Procedural Updates

The Surplus Lines Stamping Office of Texas is pleased to announce upcoming updates to numerous coverage and class codes. With the exception of few changes, SLTX coverage and class codes have not undergone a full update for over 20 years. Over time the market has grown, and with that, stakeholder needs have changed as well. Because of this, SLTX is committed to understanding new developments and needs within the insurance industry to better capture various trends in the growing market.

Our research suggests that by updating coverage and class codes, filing agents will have access to a code selection which more accurately coincides with current industry language and products (e.g. Cannabis, Professional (Medical Malpractice), Property, etc.). Additionally, SLTX will have the opportunity to encompass industry interests as well as track market insights when viewing data reports. By separately capturing commercial and residential designations on the coverage code level, SLTX’s reporting on this data will be more accurate and more efficient.

Research shows current E&O liability is included within Other Professional Liability coverages; however, E&O liability has become such a prominent coverage that it should be captured separately. This will allow the coverage to be distinguished from other, more infrequent professional liability coverages. Other coverages, including cannabis crop, has grown significantly over the last few years and should be identified separately to capture its growth. Lastly, the recent rise in natural disasters in Texas has illuminated the residential property market and, therefore, should be distinguishable.

In addition to updating coverage and class codes, SLTX will provide online learning materials to better aid in the transition. These specific trainings will become available on our website, and agents will be notified of each release. Additionally, SLTX tech support will be reaching out individually to automated filers to ensure their product code mappings are updated appropriately. The goal for the beginning of this new transition is on January 1st, 2021.

The stamping office is here to provide aid and excellent customer service to all in our industry. If there are any questions or concerns, please utilize our  “Submit your Questions” page on our website.