Premium finance companies operating in Georgia operate as either full powers or limited powers.
Briefly, a full powers allows the license holder to Premium Finance for any agent; a limited powers is only done through an agency if the agency wants to collect service charges or fees as allowed by Chapter 22 of the Georgia Insurance Code.
Regardless, a Georgia premium finance company must furnish the state’s Commissioner of Insurance with evidence of a $25,000 surety bond.
AmeriPro Surety Bonds offers this surety bond for next business day delivery and filing with the department as a first time or renewal surety bond.
The premium, or the price that you will pay for this surety bond will be determined by a standard application.
As part of the application process, there is also a credit check.
Applicants with good credit may pay as little as 1%, or $250, annually for this bond; however, the amount may vary substantially based upon information provided an the application and your credit score.
AmeriPro Surety Bonds will work to find you the best surety bond pricing for your credit and financial condition.
UPDATE: June 6, 2019: We now offer the Georgia insurance premium finance bond for $188--and without a credit check. Also, you may prepay this surety bond for 2 years for $338, and for 3 years at $489. Please call our agency today.
The purpose of this surety bond is simple enough: It is a financial guarantee that you will conduct insurance premium financing in accordance with all laws and regulations in the state of Georgia.
The bond is written in favor of the state’s Insurance Commissioner, and the people of the state of Georgia.
Essentially, the bond protects against acts of fraud, theft, embezzlement, or any criminal malfeasance that an insurance premium finance company may commit against consumers.
The bond’s existence assures those customers that they may have recourse if they are able to credibly demonstrate financial harm due to the failure of agent to act in accordance with the law. As owner of the bond ---its principal--- you will be legally liable to reimburse the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout all of Georgia.
We also provide surety bonds on a nationwide scale.
Please call our agency today at 844-589-9732.
Or, you may fill out our contact form and an agent will call you shortly.