Maryland Automobile Insurance Fund Producer Bond
AmeriPro Surety Bonds | 844-589-9732
Automobile Insurance Fund Producers – Maryland
As a Maryland automobile insurance fund producer (MAIF) your profession is to help Maryland drivers qualify for auto insurance who cannot do so in the standard market.
A condition of being permitted to do so is obtaining the statutorily required surety bond. Our agency helps you to obtain the bond within 5 minutes and have it ready for filing with the appropriate regulatory department.
The Surety Bond Amount – Qualifying – the Cost
The Maryland automobile insurance fund producer bond is a $10,000 bond required as per the Maryland Insurance Code § 20-511.
Qualifying for this bond is very easy.
Complete the standard application with a surety agent (this is the quickest way), pay the premium which costs just $100, and this surety bond is issued to you immediately.
Unlike many other surety bonds, there is no credit check for this bond; it is an “instant issue bond”.
Once the bond is issued, an emailed copy can be sent to you, and the original copy with the wet signature will follow in the mail.
Other Payment Options
Additionally, this surety bond may be prepaid for a period of up to 3 years. The decision being entirely yours, prepayment of the premium allows you to save over year to year renewal.
The breakdown is as follows:
- One year, $100;
- Prepaid for two years, $180;
- Prepaid for 3 years, $260.
The purpose of the MAIF surety bond is to serve as a financial guarantee which ensures that you will pay all money belonging to the person when the funds come into your possession.
The bond, therefore, is for the benefit of your clients; it is not a liability insurance policy on your behalf.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Maryland.
Our agency also has the ability to provide surety bonds nationwide.
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