Insurer is "not admitted to transact business in the Commonwealth

[Mike Girard]

I am considering a Builder's Risk policy that my agent has secured through Tapco, a company in Long Island. The policy will be underwritten by Lloyd's of London. 

At the top of the quote it says this:

"The insurer with whom this insurance is to be place is not admitted to transact business in the Commonwealth and is subject to limited regulation by the department; and, in the event of insolvency of the insurer, losses will not be paid by the Pennsylvania Property and Casualty Insurance Guaranty Association"

Does this ring any alarms? I will have this insurance for at least three months but no more than six months while I complete my renovations. 

Also, can anyone recommend an agent, preferably in Philadelphia, that sells  Builder's Risk policies for renovating a fixer upper that I'm living in?