The short answer
Specialty insurance markets are the insurers and underwriters who take risks that standard insurers decline or cannot price: unusual operations, very large values, new technologies or a loss history that rules out ordinary cover. They are usually reached through a wholesale or specialist broker working with your own broker. Expect more questions, more documents and terms that are written for the particular risk.
- Businesses declined or non-renewed by standard insurers
- Owners of unusual or very high-value property or operations
- Companies with new technology or activities without a track record
- Brokers and advisers trying to place something outside the usual appetite
- People moving from a standard policy to something custom-written
No broker in the network handles this yet. You can still prepare and save the request now. It is kept, and requests like it show us which brokers to find next.
Outside Alberta, Canada you can prepare and save a request today; sending opens place by place. Brokers answer with their own quotes. Broker.insure does not quote, advise or take commission.
01 / What it covers
The parts worth understanding
Surplus and excess lines
Policies from insurers that are not part of the regular admitted market, used when a standard insurer will not write the risk. Rules about how and when they may be used vary by province.
Manuscript wording
A policy form written or adjusted for the specific risk instead of taken off the shelf. It needs careful reading because the usual assumptions may not apply.
Excess and layered cover
Large limits built in layers, where one insurer pays up to a point and another takes over above it. Each layer has its own terms, and gaps between layers are a real risk.
Coverholder and delegated arrangements
A broker or agent authorized to issue policies on behalf of an insurer or group of underwriters. It lets specialist cover be offered locally with less delay.
The London market
A long-established centre where brokers present unusual risks to underwriters, often with several taking a share. It is one of several places a wholesale broker may look.
Wholesale broker role
A broker who deals with insurers and with other brokers, not directly with the public. Your retail broker uses them to reach markets they cannot reach alone.
02 / Get ready
Bring this, and expect these questions
Gather
- A clear written description of the risk: what it is, what it does and how it is run
- The reasons given by insurers who declined, in writing if possible
- Loss history for the last several years with details of each claim and what changed afterwards
- Values, limits and deductibles you want to be insured
- Risk controls: safety systems, inspections, training, security and maintenance records
- Financial statements or other evidence of the stability of the business
- Your expiring policy and any wording that you want carried over
- Contracts that require specific cover or wording
- Deadlines: the date cover must be in place and why
A broker will ask
- What exactly is the risk, and why has it been hard to place?
- Who has declined, and what reasons did they give?
- What happened in each past claim, and what has changed since?
- What limits and deductibles do you want, and which are required by a contract?
- What risk controls are in place and can they be shown?
- How long have you operated in this way?
- Is the cover required by a lender, landlord or customer?
- Are you willing to accept different wording, a higher deductible or a narrower scope?
Not sure of an answer? Leave it. "Not known yet" is a fine answer, and a broker will help you fill it in.
03 / Build your request
Answer a few questions. Get your own list.
Pick what fits. Your answers shape the list beside them, and they are saved to your request as plain facts a broker can read. "Not sure yet" is always a fine answer.
04 / Three situations
See which one sounds like yours
A bar owner whose insurer would not renew
A Toronto bar had two liquor-related claims in three years. Its long-time insurer declined renewal six weeks before expiry, and three other quotes were refused outright.
First steps. Gather the claim details and write down what has changed in security, training and serving practices. Ask the broker whether a wholesale specialist can approach surplus markets, and what the terms would likely require while the record improves.
A startup with new drone-based technology
A company uses autonomous drones to inspect pipelines. No standard policy fits because the activity is new, the equipment is expensive and the liability is hard to rate from past data.
First steps. Prepare a technical summary, safety procedures, regulatory approvals and a list of clients and sites. Ask a specialist broker how underwriters look at novel risks and what evidence of testing and training they will want to see.
A heritage property owner with a high-value building
A family owns a historic stone building used for events. The replacement cost is difficult to estimate and the value is above what the family's regular insurer will take on.
First steps. Bring appraisals, photographs, construction details and a description of the events held. Ask the broker whether layered cover or a specialist property market is appropriate, and how the difference between market value and rebuild cost is handled.
05 / Words you will hear
The jargon, in plain words
- Non-renewal
- A decision by the insurer to end the relationship at expiry rather than during the term. Notice rules vary by province and policy type, so check the date on your letter.
- Surplus lines
- Insurance sold by insurers outside the standard market for risks that do not fit regular programs. Terms are tailored, and a broker with access usually handles the placement.
- The London market
- A centre of specialist insurers and syndicates that take on unusual or large risks. Brokers reach it through dedicated channels, not through direct sales to the public.
- Retention
- The share of each loss you agree to carry yourself before insurance responds. Specialty buyers often accept a larger retention as the price of getting cover at all.
- Submission
- The organised package a broker sends underwriters to describe a risk: its history, controls and what is wanted. A clear submission often decides whether specialists engage at all.
06 / Common mistakes
What trips people up
- Assuming a decline from one insurer means the risk cannot be insured anywhere.
- Shopping the same risk to many brokers, who then approach the same markets and confuse underwriters.
- Describing the risk loosely, then facing disputes when the real activity is questioned.
- Accepting unusual wording without reading it, because the usual protections may be missing.
- Waiting until cover is about to expire, when specialist placement needs time.
- Treating a specialist placement as permanent when it may be a stepping stone back to standard cover.
Ready when you are
Turn this into one clear request.
Save it, add what you know, and choose when to send it. A licensed broker who handles specialty insurance markets takes it from there.
07 / Questions people ask
Straight answers
What is the specialty insurance market?
It is the part of the insurance world that handles risks outside standard appetite: unusual, very large, new or poorly rated exposures. Insurers and underwriters here write terms for the specific risk rather than using a standard form. Access is usually through a broker who specializes in placing such business.
What is the difference between standard and specialty insurance?
Standard insurers use set forms, rating tables and clear rules about which risks they accept. Specialty insurers can look at each risk individually and write terms to suit it. That flexibility means more questions up front, and the wording needs more careful reading, but it opens doors the standard market has closed.
What is a wholesale insurance broker?
A wholesale broker works with other brokers and with insurers, rather than directly with the public. Your retail broker brings the risk, and the wholesale broker helps present it to specialist underwriters. It is a way of reaching markets that a local broker may not have direct access to.
What is surplus lines insurance?
Surplus lines insurance is cover placed with insurers outside the standard admitted market when a risk cannot be placed there. Rules about how it may be used, and what must be shown before it is, differ by province and country. A broker licensed to place it can explain the process and any requirements that apply to you.
Why was I declined for insurance?
Reasons range from claims history and location to the type of activity, the value involved or an insurer's current appetite. Ask for the reason in writing, because it shapes the next step. A broker can use it to decide whether to improve the risk, change the description or approach specialist markets.
Is specialty insurance more expensive?
It can be, because the risk is harder to price, the terms are tailored and the insurer may need to accept more uncertainty. Price depends on the risk itself, your records and the terms you choose. A broker can show how changing limits, deductibles or controls affects what insurers offer.
General information, not insurance advice. Broker.insure is a directory and request service: it is not an insurer and does not quote, bind or advise. Policy terms, availability and what is required where you live depend on your situation and on licensed professionals. Updated 2026-10-31.