Maryland Title Insurance Agent Bond
AmeriPro Surety Bonds | 844-589-9732
Title Agents – Maryland
Maryland title agents are regulated by the state’s Insurance Administration.
As a condition of licensing and a condition of a renewal of an existing license, you must furnish evidence of a surety bond to be in compliance with state regulations. The surety bond is required of both individuals and businesses.
The Surety Bond Amount and Qualifying
The Maryland title insurance agent bond is a $150,000 surety bond.
Applicants for this surety bond will submit to a standard surety bond application.
Questions you may be asked on the application include whether or not you have any existing tax liens or unsatisfied judgments; whether you have or any companies controlled by you have become bankrupt or insolvent in the past; and other questions pertaining to your past history as it relates to business matters and dealings.
For the title agent bond, there is also a credit check. Our agency utilizes a “soft inquiry”. This means that the inquiry we use does not reflect on your credit report, thus lowering your score.
The Premium Amount
As an applicant for the title insurance agent bond, a well qualified applicant may pay as little as ½ of 1% or 1% annually; however, the amount that you pay will largely be a reflection of your application and credit score.
Applicants with poorer credit scores will pay correspondingly higher amounts for this bond.
Typically, payments plans are not offered for this bond; they must be paid in full before issuance.
The Maryland title insurance agency bond is active for one year from the date of issuance. For some applicants, we may be able to offer for prepayment for 2 or 3 years, thereby offering a savings over year to renewal of the surety bond.
The choice for prepayment, if offered, however, is entirely yours to make.
As an example, a well qualified applicant who pays ½ of 1%, $750 for the title agent bond for one year may choose to pay:
- $1350 if prepaid for 2 years;
- $1950 if prepaid for 3 years.
Purpose of this Bond
The title agent insurance bond is a financial guarantee which ensures your compliance with all laws, statutes, and future amendments governing title agencies in Maryland.
As principal of this bond, the bond protects others against any malfeasance and criminally negligent activities committed by any agents, employees, and managers of your company, which in turn causes harm to members of the public.
Because it is a surety and you are the prinicpal, you must indemnify the surety for any claims paid against your bond; however, the aggregate total of all claims will not exceed the amount of the bond, excluding any costs for attorney fees and related matters.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, and fiduciary bonds throughout Maryland.
We also provide surety bonds nationwide.
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