Which aspect does NOT typically feature in a surplus lines policy?

Surplus lines policies are designed to provide coverage in situations where standard insurance markets are unable or unwilling to offer the necessary protections. One of the distinct characteristics of surplus lines insurance is that it often does not adhere to the same level of regulatory oversight as traditional insurance policies. This lack of regulatory oversight allows surplus lines insurers to offer more unique and specialized products tailored to specific needs, which is why customized coverage terms and no standard forms are common features of these policies.

In most cases, surplus lines products are used to address complex or high-risk scenarios, which aligns with the notion that they can offer limited availability of coverage due to their niche market position. The absence of standard forms allows for the flexibility in customization that is needed to meet unique client demands effectively. Therefore, the aspect that does not typically feature in a surplus lines policy is the higher regulatory oversight, as they operate with more leeway compared to standard insurance products.