Maine Insurance Consultant Bond
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Maine Insurance Consultant Licensing
Insurance consultants in Maine are regulated by the state’s Professional & Financial Regulation department.
A prerequisite for licensing is that, for both residents and non-residents, a $20,000 suety bond be furnished to the department. Actually, the wording is a minimum $20,000 surety bond; however, the $20,000 requirement is typically what we would expect as per Chapter 16 §1464 of the state’s legislation.
Qualifying and the Premium
You are automatically approved for the $20,000 Maine insurance consultant bond. The bond is issued to you immediately after we take a verbal application from you and you pay the $200 annual premium.
When you call us, we’ll ask you the basics — principally, the name that should appear on your surety bond, and your contact information.
Once the $200 premium is paid, our agency issues your surety bond to you immediately. Your bond, along with a Power of Attorney form, are sent to you for filing.
Upon receipt of both, you’ll sign you bond as Principal, filing it with the POA form to:
State of Maine, Dept. of Professional And Financial Reg.
Bureau of Insurance
34 State House Station
Augusta, ME 04333
Premium Prepayment Options
The $200 premium associated with your Maine insurance consultant bond is good for one year.
You may choose to prepay your bond up to 3 years. This will save you money over annual renewals, besides lengthening the time between the renewal of the premium.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $360, a $40 savings;
- If prepaid for 3 years, the premium is $420, an $80 savings.
Purpose of Your Surety Bond Requirement
Your insurance consultant surety bond is a financial guarantee of your compliance with all laws and statutes governing insurance consulting in Maine. Subchapter 5 deals with the scope of those responsibilities.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide insurance licensee related surety bonds nationwide. Our agency is also a provider of license and permit bonds in all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you.
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