Alabama Surplus Lines Broker Bond
AmeriPro Surety Bonds | 844-589-9732
Surplus Lines Brokers – Alabama
Surplus lines brokers specialize in placing difficult insurance risks. The Alabama Department of Insurance regulates the licensing of these specialized, niche brokers.
While non-resident surplus lines license holders are currently not required to obtain a surplus lines broker surety bond, surplus lines brokers who are residents of Alabama must meet this requirement.
Fortunately, with our agency, obtaining the $50,000 surety bond is perhaps the easiest step in the licensing or renewal of an existing license process.
Qualifying and the Premium
Qualifying for the Alabama surplus lines broker is simply by completion of a surety bond application and payment of the premium of $500. There is no credit check nor an underwriter review for this surety bond. Our agency can also take the application from you over the phone.
Once the premium is paid, the bond is issued to you immediately. A copy of the bond can be emailed to you for no additional charge.
The original surety bond, which you will sign as Principal, will be mailed to you the following business day. Ideally, you will want to submit the original, signed surety bond for filing.
Additional Premium Payment Options
With the standard $500 premium amount, the Alabama surplus lines broker bond is issued for a period of one year. Thereafter the bond must be renewed.
You also have the option to prepay this surety bond for 2 or 3 years.
Prepayment allows you to:
- Renew your bond less frequently
- Save over year to year renewal of the surety bond premium.
The prepayment options are as follows:
- Prepayment of your premium for 2 years is $900, a $100 savings;
- Prepayment of your premium for 3 years is $1300, a $200 savings.
Purpose of Your Surety Bond
The bond is a financial guarantee for the state of Alabama, consumers, and the Department of Insurance that you will be in compliance with all insurance rules and state laws concerning surplus lines brokering.
As principal for this bond, in the event that a claims is paid against your bond, you must indemnify the surety for all costs and fees.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide surety bonds throughout Alabama. Our agency also provides surety bonds nationwide.
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