The Michigan insurance premium finance company bond is offered by AmeriPro Surety Bonds. Issuance is within minutes; we offer this bond without a credit check inquiry. Please call 844-589-9732.
Michigan Insurance Premium Finance Company Bond
AmeriPro Surety Bonds | 844-589-9732
Insurance Premium Finance – Michigan
Insurance premium finance companies are defined by Section 500.1502 of the Insurance Code of 1956. As one of the conditions of licensing, a Michigan insurance premium finance company must furnish evidence of a $10,000 surety bond.
AmeriPro Surety Bonds offers this surety bond for your compliance.
Michigan Insurance Premium Finance Company Bond: Its Cost and Duration
You are automatically approved for the $10,000 Michigan insurance premium finance company bond. There is no credit check nor underwriting. When you call our agency, we’ll ask for the name, address, and phone number that should be reflected on your bond.
After payment of the $100 annual premium, we’ll also electronically file your bond on your behalf to NMLS. Or, at your choice, we can also issue the paper bond and mail it to you.
Additionally, we offer you the ability to prepay your bond up to 3 years, thereby offering you a savings over annual renewals.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
The Purpose of this Surety Bond
The purpose of this surety bond is to serve as a financial guarantee.
The financial guarantee, according to Section 500.1504 of the Michigan legislature, is for the benefit of any borrowers who subsequently become creditors of the premium finance company bond.
Although the bond is a surety, it is not insurance. In the event that any claim were paid on your bond, it is your legal responsibility to reimburse the surety in full for all costs and fees involved in the settlement of any claim.
AmeriPro Surety Bonds is a surety bonds only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout Michigan and nationwide.
Please call our surety agency today:
Or, you may fill out our contact form below for an agent to call you…