The Maryland insurance administration oversees the licensing of premium finance companies in the state.
For new and renewal applicants, the state provides a detailed list of requirements.
The surety bond requirement must be filed by July 1st; the bond expires on June 30th of each year.
Our agency helps you to file the bond quickly and at one low, non-credit based premium amount.
The Maryland premium finance company bond is a $50,000 surety bond required by statute § 23-202.
Qualifying for this surety bond is easy. The premium is $500, annually.
You will be required to complete a standard surety bond application, pay the $500 premium, and the bond is issued to you immediately. There is no credit check involved for this bond’s purchase; it is an “instant issue” surety.
An emailed copy of the bond can be sent to you by request at no additional charge.
At your choice, you may purchase the premium finance company bond at the following prices:
Pre-payment of your surety bond is at your discretion, but offers you a savings over year to year renewal of the bond premium. All price points offered by our agency have no credit inquiry.
The purpose of the Maryland premium finance company bond is to serve as a financial guarantee that your company will be in compliance with all rules, regulations, and subsequent amendments involved in premium financing.
While required of your business entity, the bond’s purpose is to protect the state of Maryland and any consumers who suffer harm due to the failure a licensed company to comply with legal precepts.
As principal of this surety bond, you would be responsible to indemnify the surety for any costs and fees paid against any claims on your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary bonds throughout Maryland and nationwide.
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