1 (844) 589-9732

Illinois Insurance Producer Bond

Required by the IL Department of Insurance, the Illinois insurance producer bond is available from AmeriPro Surety Bonds. Bond amounts required are between $2,500 and $50,000. 844-589-9732.

Illinois Insurance Producer Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Insurance producers are regulated by the Illinois Department of Insurance and with respect to licensing requirements, Section 500-30 of the Illinois Insurance Code.

 

 

 

Illinois Insurance Producer Bond: Amount Required

 

 

 

If you are an Illinois insurance producer who places insurance with an insurer with whom you do not have an agent contract, you are required to obtain an Illinois insurance producer bond.

The formula for determining the surety bond amount required is as follows:

It is at least $2,500;

OR,

5% of the premiums earned in the previous year;

WHICHEVER amount is GREATER;

BUT in any case not to exceed $50,000 surety bond.

 

 

 

Illinois Insurance Producer Bond: The Purpose

 

 

 

The purpose of the Illinois insurance producer bond is to serve as a financial guarantee purchased by you on behalf of the people of the state of Illinois.

The bond, specifically, protects Illinois citizenry from acts of fraud, theft, criminal malfeasance or misfeasance, and violations of the Illinois Insurance Code committed by a licensed insurance agent.

The bond’s existence allows those who can credibly demonstrate financial harm to file against your bond, and have recovery up to the bond’s face amount (not per person, in total).

Along the same lines, however, your insurance producer bond is not an insurance policy which protects you.

And should a claim be paid on your surety bond, you would then be legally obligated to reimburse the surety for all fees and costs made in the satisfaction of your claim.

 

 

 

The Premium for Your Insurance Producer Bond

 

 

 

Premium amounts, of course, will vary based upon the dollar amount of the bond you are required to purchase.

Additionally, the application and your credit score will determine the amount of premium you are requested to pay.

Typically, this bond’s premium would be be between 1-5% of the face amount, with a minimum threshold of at least $100.

An applicant would good credit might pay $100 for a $10,000 insurance producer bond.

The same criteria for a $50,000 insurance producer bond would have a $500 premium payment.

Your premium amount, however, will be determined by the application — and most substantially — your credit score.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency.

What this means for you is that surety bonds are our only focus.

Our agency provides license and permit, contractor, court, and fiduciary bonds throughout the great state of Illinois.

We also provide surety bonds nationwide.

We thank you for your consideration and look forward to speaking with you.

 

 

 

Please call AmeriPro Surety Bonds today: 844-589-9732

Request a Callback

  • Date Format: MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

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.

apply today

recent news

Lost Cashier’s Check Bond | Lost Instrument Bond

If you’ve lost a cashier’s check or money order, to replace it, the banking institution will require that a “Lost Instrument bond” be purchased in order to re-issue it. Learn how to quickly purchase this bond with AmeriPro Surety Bonds.

Mortgage Broker Bond

A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.

Notary Public Bond California

A notary bond, also known as a notary public bond, is a bond that is required by the state of California to engage in the business of witnessing signatures on documents. 

Missouri Replevin Bond

Missouri Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Missouri Replevin Action; Surety Bond Requirement, Amount & Purpose       An action of replevin occurs when a Plaintiff, in a civil court matter, is permitted by the...

Mississippi Replevin Bond

Mississippi Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Mississippi Replevin Action; Bond Amount and Purpose       An action of replevin occurs in a civil litigation proceeding. The replevin allows the Plaintiff, before a...

Ohio Receiver Bond

Ohio Receiver Bond AmeriPro Surety Bonds | 844-589-9732       Surety Bond; Purpose And Amount       An Ohio receiver may be appointed by a court or state supreme court to handle matters relating to a mortgage; enforcing rental agreements;...

contact us

Office: 1 (844) 589-9732

Hours of Operation:

Monday – Friday 6 am to 5 pm (PST)