surplus lines broker bonds

Why This Is Important, Surplus Lines Broker Bond

In 2014, our workplace licensed more than 18,000 resident and non-resident insurance producers. Many bonds can be obtained in as little as an hour. Some take longer. Use the highlighted bullet factors above to determine what you can expect when making use of for this bond. Many (not all) bonds require a credit score test. In many situations it simply relies on the precise bond one is applying for and the insurance company’s expertise in that class. Some bonds are considered low threat and some are thought of increased threat. Bonds that do not require a credit score verify are often immediately issued.

A Bond of Surplus Line Broker, type LIC 447-31 , in the penal sum of $50,000, by a California admitted surety and accompanied by a jurat and an influence of legal professional for attorney in-reality executing bond; completed within the identify of the applicant and signed by the applicant.

Surplus Lines Broker Bond, A Detailed Analysis

The Georgia surplus lines broker bond is a $50,000 surety bond required by the state’s department of insurance. A surplus lines producer is required to report surplus lines or non-admitted insurance enterprise written for a Michigan risk on a semi-annual foundation underneath MCL 500.1905. If Michigan is deemed to be the home state of the insured as defined by the NRRA, 100% of surplus lines tax is to be paid to the State of Michigan. Courtesyā€¯ tax filings are not permitted.

Contact DPG about acquiring a Surplus Lines Broker Bond. Give us a name at 949.208.8550. PART 38-45-one hundred twenty. Private legal responsibility of broker on policy of unlicensed insurer.

Observe: Applicants applying for each Surplus Line Broker and Particular Lines’ Surplus Line Broker need only submit one submitting payment.

Oklahoma Surplus Lines Insurance Broker Bond

In 2014, our workplace licensed more than 18,000 resident and non-resident insurance producers. Any Overseas (U.S.-domiciled) insurer offered that the insurer has met the next necessities at the time of placement: (1) the insurer is licensed to put in writing the type of insurance in its domiciliary jurisdiction, and (2) it has no less than $45 million in capital and surplus.

Check out our FAQ page or What’s a Surety Bond? page. Do you have to want or choose to purchase a surety bond, purchase from us. has been underwriting surety bonds throughout the U.S. for greater than 35 years. When you work with us, you benefit from the unique good thing about dealing with a team of highly experienced surety agents with in-home underwriting authority. This allows you to obtain aggressive, low rates, quick approvals, and speedy bond supply. Usually, your bond will likely be delivered within 24 hours after you apply for it.

What Companies Need To Know About Surplus Lines Broker Bond

1-888-416-0868 or (615) 741-2693 This workplace is accountable for the licensing and regulation of insurance producers, business entities, title agencies, surplus lines agents, automobile membership agents, training providers, public adjusters, public adjuster enterprise entities, crop adjusters, viatical settlement providers, brokers and funding agents, portable electronic vendors and self-service storage insurance amenities. The surplus lines broker bond face quantity is $50,000. The premium rate for this bond varies primarily based on underwriting skills. The speed is three% or $1500.