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Arizona Managing General Agent Bond

The Arizona managing general agent bond has a minimum $100,000 surety requirement, to a maximum $500,000 surety bond amount. Approval is offered based on good credit for 1%. Please call AmeriPro Surety Bonds:                             844-589-9732.

 

Arizona Managing General Agent Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

AZ Managing General Agents; Surety Bond Amount and Purpose

 

 

 

Arizona managing general agents are licensed and regulated by the state’s Department of Insurance.

MGA’s, as a prerequisite to licensing, are required to obtain a surety bond. The purpose of the surety is to serve as a financial guarantee for the protection of both the insureds and insurers.

According to the Arizona Revised Statutes, 20-311.02, the amount of the surety bond required is:

  • A minimum of $100,000 surety bond required, OR;
  • Equal to 10 percent of the MGA’s total written premium in the prior calendar year, whichever amount is greater;
  • But, in no case greater than $500,000 surety requirement.

 

 

 

Qualifying and the Premium

 

 

 

Qualifying for the Arizona managing general agent bond includes providing our agency with the amount of surety required, completing a short surety bond application (the application must be signed by you), and undergoing an underwriter review.

The underwriter review includes a credit check inquiry. Good credit is required for approval; and the rate offered is 1% of the surety bond amount.

Once your surety bond has been approved, and the premium has been, our agency issues your surety bond to you immediately. Your bond and Power of Attorney will be sent to you by mail.

Upon receipt, you’ll sign your bond as Principal, filing it along with the POA form to:

Insurance Licensing Section

State of Arizona

2910 N. 44th Street, Suite 210

Phoenix, AZ 85018

 

 

 

Term of Your Surety Bond

 

 

 

Your managing general agent bond is active for one year from the date of issuance. Presumably, given the above formula for determining the bond amount, you’ll likely require a different surety bond amount at renewal.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in Arizona and all 50 states.

Please call our agency today at:

 

844-589-9732

 

Or, you may fill out the form below and a Surety Agent will contact you…

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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