Idaho Managing General Agent Bond |
AmeriPro Surety Bonds | 844-589-9732
Managing General Agents – Idaho
In order to be licensed, managing general agents in Idaho are required to furnish the state’s Department of Insurance a surety bond in accordance with the following provisions:
- At the minimum, a $5000 surety bond;
- Or, 10% of the total funds handled in the preceding calendar year;
- Or, if funds were not handled in the prior calendar year, an estimation of the amount of funds to be handled in the current calendar year.
Qualifying and the Premium
Up to and including a $50,000 surety bond requirement, our agency offers you the Idaho managing general agent bond immediately after receipt of an application and payment of the premium.
The process is streamlined and quick because we offer this bond – up to the $50,000 ceiling— without review by an underwriter which would typically require a credit inquiry.
The application can be taken from you directly over the phone by one of our agents. After payment of the premium, 1% of the bond amount required (with a minimum of $100), our agency issues the managing general agent bond to you immediately.
Amounts Greater than $50,000
For a surety bond amount greater than $50,000, in addition to the above, review by an underwriter will be standard procedure. Good credit will be required in order to be approved by our agency, and the premium remains 1% of the bond’s amount.
Surety Bond Term
The Idaho general managing agent bond is active for one year from the date of issuance. Thereafter, both your surety bond and premium renew.
Our agency typically offers you the ability to prepay your bond for up to 3 years; however, since you may presumably may require a different surety bond amount at renewal, this may not be advisable.
Purpose of Your Surety Bond Requirement
In accordance with Idaho Code Section 41-1503 (3), the purpose of this surety bond is a financial guarantee which ensures that the money of both insured and insurers will be properly managed.
AmeriPro Surety Bonds provides general managing agent surety bonds nationwide. Our agency also provides license and permit bonds in all 50 states.
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