Surplus lines agents deal with insurance that is harder to place because of its high risk. Texas surplus lines agents are required to maintain a $50,000 Texas surplus lines agent bond with the TX Department of Insurance. AmeriPro Surety Bonds finds you the best pricing for this bond. 844-589-9732.
Texas surplus line agents, or brokers are regulated by the Texas Department of Insurance.
As a condition of licensing, a surplus lines broker must also have on file with the Department a $50,000 surety bond.
A surplus lines agent:
OR
You are automatically approved for the $50,000 Texas surplus lines agent bond. There is no credit check nor underwriter review. Instead, when you call us, we'll take the application directly from you verbally over the phone.
We'll ask you the basics --- mainly, the name that should be on your bond. And of course, we'll also ask you contact information (address, phone number, and email).
After payment of the annual premium, $500, our agency issues this bond to you immediately. Your surety bond and Power of Attorney (POA) form will be sent to you in the mail. Upon receipt, you'll sign your bond as Principal, filing it along with the POA form to:
Texas Department of Insurance, Financial Regulation Division
Agent & Adjuster Licensing Office (107-1A)
P.O. Box 12069
Austin, TX 78711
Additional Premium Payment Options
The $500 premium associated with your Texas surplus lines broker bond is for one year. You may prepay your bond up to 3 years. Prepayment of your premium saves you over renewing each. The premium prepayment options and savings are as follows:
TAC §§15.3-15.5 which deals with the regulation of surplus lines insurance in Texas, states that a surplus lines agent must provide “financial security” to the Department in the form of the bond required.
The purpose of the surplus lines agent bond is to protect consumers from any acts of fraud, theft, or criminal harm committed by a licensed surplus lines agent or agency, and any employees, in the responsibilities related to their duties.
The bond as as insurance policy of sorts, but only on behalf of the consumers, not the surplus lines broker.
The bond is active for one year after its date of issuance and renews on an annual basis, if purchased as a one year bond. The premium payment options discussed above are still applicable
After purchasing the surplus lines agent bond, you will want to have the bond filed with the Department of Insurance at the address they provide.
To become a licensed surplus lines agent in Texas, you must:
Applicants may also want to be familiar with the pointers on how to correctly complete the application.
AmeriPro Surety Bonds provides the Texas surplus lines agent bond and all surety bonds related to licensing, court, and contractor bonds throughout Texas. Please call us today or fill out the form below.
