Alaska Surplus Lines Broker Bond
AmeriPro Surety Bonds | 844-589-9732
Surplus Lines Licensing – Alaska
The Alaska Division of Insurance regulates surplus lines licensees.
As a first time or renewal candidate, you are statutorily required to obtain a minimum $200,000 surety bond (the wording is “…not less than…”). Section 3 AAC 31.315.
Qualifying and the Premium
Qualifying for the Alaska surplus lines broker bond involves:
- Providing us with the amount of surety bond you require;
- Completion of a signed and witnessed (it does not need to be notarized) application. We will begin the application with you over the phone.
- Review by an underwriter, which involves a credit check.
For this surety bond, approval is based upon having a good credit profile.
The premium is offered at 1%, $2000 annually (assuming a $200,000 requirement).
Once the approval is obtained and the premium is paid, our agency issues you the follow documents:
- An original surety bond, which we’ll sign as Surety and which you’ll sign as Principal;
- A Power of Attorney form.
Upon receipt, you’ll sign your bond as Principal and file it to:
State of Alaska
P.O. Box 110805
Juneau, AK 99811
Premium Prepayment Options
The premium is not a onetime payment but renews annually.
If you anticipate the surety bond amount remaining the same for 2 or 3 years, then you may wish to consider prepaying your surplus line broker bond premium. Doing so offers you a savings over year to year renewals.
Using the $200,000 bond amount, the premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium $3600, a $400 savings;
- If prepaid for 3 years, the premium is $5200, an $800 savings.
Purpose Of Your Surety Bond Requirement
Your surplus lines broker bond is a financial guarantee of your compliance with all rules and regulations as found on Section 3 AAC 31.315, as amended. Also, any other related legislation.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide surplus lines broker surety bonds nationwide.
Our agency also provide license and permit, court, probate and other surety bonds both in Alaska and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…