Title insurance agents in Kansas are statutorily required to post a surety bond in an amount that is determined by the number of people living in counties that where real estate transactions occur.
The Kansas Office of Revisor of Statutes 40-1139 completely details the requirements.
The surety bond amounts and corresponding population figures are as follows:
Applicants for the $25,000 or the $50,000 Kansas title insurance agent bond (also known as a Kansas escrow surety bond) are immediately approved upon completion of a short surety bond application. There is no credit check required. Additionally, our agency can take an application from you verbally right over the phone.
Once the application is completed, the premium breakdown is as follows:
Applicants who require a $100,000 title insurance agent bond will be required to submit to a credit check and an underwriter review. Good credit is required to be approved.
Upon approval, premium for a $100,000 title insurance agent bond is $500 annually.
Premiums when paid are good for one year and renew on the anniversary of their issuance.
The option exists for all three surety bond amounts to prepay the premium for up to 3 years. Prepayment of your premium allows for greater intervals between renewals. You also receive a savings over renewing your surety bond each year.
Breakdowns and savings to you are as follows:
--$25,000 surety bond amount--
--$50,000 surety bond amount--
--$100,000 surety bond amount--
As stated within the same statute linked about, the purpose of your surety bond is to protect the consumer from any acts of fraud or misappropriation of money received in connection with escrow services. This covers escrow, deposit, and trust accounts.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Kansas.
Our agency also provides surety bonds nationwide.
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