Final answer:
A nonadmitted insurer providing special insurance coverage is known as a surplus lines insurer or nonadmitted carrier, essential for covering high-risk situations not insured by admitted carriers.
Step-by-step explanation:
A nonadmitted insurer that provides insurance coverages not available from an admitted insurer can be referred to as a surplus lines insurer or nonadmitted carrier.
These insurers specialize in covering high-risk situations, or risks that regular, admitted insurance carriers will not insure due to the high level of uncertainty or likelihood of loss.
To engage with a surplus lines insurer, typically through a broker who specializes in this type of insurance, there is often a requirement that the coverage cannot be obtained through admitted insurers.
Such insurers are important because they fill gaps in the market by insuring those entities or risks deemed too risky by standard insurers.