Alabama Premium Finance Company Bond
AmeriPro Surety Bonds | 844-589-9732
Premium Financing – Alabama
The Alabama Department of Insurance regulates premium finance companies. As part of the licensing process, you must provide:
- An application along with a $200 license fee to the Commissioner of Insurance;
- The premium and finance agreement;
- Delinquent and cancellation notices;
- A rate chart;
- A $35,000 surety bond.
Qualifying – Estimated Premium
Qualifying for the Alabama premium finance company bond is by means of a standard surety bond application and an underwriter credit check review.
Our agency can begin the process with you over the phone by pre-filling much of your surety bond application. The application will be sent to you by email for completion, which will also require your signature.
A qualified applicant will pay about $275 annually for this surety bond.
Once the bond has been approved and the premium paid, a copy of the bond can be sent to you by email for no additional charge. The original surety bond, which you will need to sign as Principal, will be sent in the mail by the following business day.
Additional Premium Payment Option
Applicants who qualify at the pricing above will also have the option to prepay this premium finance company surety bond for two or 3 years. Prepayment of the premium offers you a savings over year to renewal of the surety bond premium, besides less frequent intervals.
The breakdown for premium prepayment is as follows:
- Prepayment for 2 years will have a premium of $473;
- Prepayment for 3 years will have a premium of $684.
The Purpose of this Surety Bond
The purpose of this surety bond is a financial guarantee which ensures your compliance with all Alabama premium financing laws and regulations. The bond protects against the consumer in case of a breach of contract by a premium financing company.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Alabama.
Our agency also provides surety bonds nationwide.
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