Insurance agents or consultants operating in Kentucky are licensed by the state’s Department of Insurance. A prerequisite for licensing is that such consultants provide evidence of “financial responsibility” in the form of a $20,000 surety bond. The form used for the surety bond is known as Form 99-3.
Obtaining the surety bond will be the easiest part of your licensing process. Additionally, our agency also provides you the ability to obtain a discount on this surety bond’s premium.
All applicants for the $20,000 Kentucky insurance agent consultant bond are automatically approved. This is because there is no credit check nor review by an underwriter.
What this means for you is that after completion of a surety bond application – which can be taken over the phone with an agent --- and payment of the $200 premium, the bond is issued to you immediately.
After the premium has been paid, a copy of the bond can also be sent to you by email. The original surety bond, which bears our wet signature and which you will also need to sign as Principal, will be sent to you by the following business day. It is ideally the original surety bond that you should file with the Department of Insurance.
At a $200 premium your consultant surety bond is active for one year from the date of issuance; it must be renewed thereafter.
Our agency presents you with the opportunity to prepay your surety bond for up to 3 years. Prepayment does two things: The first is that it lengthens the time between the renewal; the second is that it offers you a savings over year to year renewal of the bond’s premium.
The breakdown for premiums --- and savings --- are as follows:
As stated within the wording of the surety bond, the purpose of the KY consultant bond is to indemnify any Kentucky resident who is harmed by the actions or omissions of a licensed consultant.
Therefore, while this surety bond is required of you, its protections are for the people of the state of Kentucky.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout the Commonwealth.
Our agency also provides surety bonds nationwide.
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