Ohio Surplus Lines Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Ohio Surplus Lines Brokers
Ohio surplus lines brokers are regulated by the state’s Department of Insurance.
Additionally, by statute surplus lines brokers are also required to obtain and hold a $25,000 surety bond.
Our agency offers this bond for you both as a first time and renewal bond for existing surplus lines brokers.
Ohio Surplus Lines Broker Bond: The Purpose
Surplus lines brokers are engaged in the profession of placing insurance coverage for non-admitted insurers.
The Ohio surplus lines broker bond is a financial guarantee that you as a licensed surplus lines broker will comply with all laws, regulations, and statutes which govern your insurance profession.
The bond is therefore for the protection of others, not you as a surplus lines broker.
The bond protects the state and people of Ohio from any acts of fraud, theft, embezzlement, and other acts of misfeasance and malfeasance committed by a surplus lines broker during the course of related professional duties.
But the bond is a surety, not insurance.
Accordingly, any claims paid on the surety bond become the legal obligation as of the principal (surety lingo for the bond’s purchaser and owner) to reimburse in full to the surety. Such reimbursement includes any interest, costs, and fees.
Ohio Surplus Lines Broker Bond: The Premium And Duration
The premium for the surplus lines broker bond will be determined by the following:
- An application, which may be completed over the phone with our agents (suggested, but not required);
- A standard credit check (we use a “soft pull” which does not affect credit scoring).
Applicants with good credit may be required to pay as little as $250 for the $25,000 surplus lines bond; however, we emphasize that the amount you will be required to pay will be determined almost entirely by your credit score.
Once issued, your Ohio surplus lines broker bond is active for one year from the date of issuance.
The bond renews annually and must be kept continually active in order to maintain your license with the Department.
Typically, between 45-60 days of your bond’s expiration, a notice will be provided by the surety to allow you to renew your surety bond by paying the premium renewal.
AmeriPro Surety Bonds is a surety bonds-only agency providing licensing and permit, contractor, court, and fiduciary bonds throughout Ohio.
Our agency also provides surety bonds nationwide.
We thank you for your consideration of our agency and look forward to working with you towards your surplus lines broker bond.
In the majority of cases, the process will be only a few hours, and the bond will be mailed — at the latest — by the next business day. An overnight option is also available.
Please call us today: 844-589-9732
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