Virginia surplus lines brokers are regulated by the Commonwealth of Virginia, State Corporation Commission. Residents of the Commonwealth are required to furnish evidence of a surety bond; nonresidents are not.
A requirement for resident licensing is that a surety bond must be recorded with the Commission. This surety bond is offered by AmeriPro Surety Bonds for your compliance.
The Virginia surplus lines broker bond is a $25,000 surety bond by the Commonwealth.
Applicants for this surety bond will complete a short surety bond application and a credit score will be used in the underwriting process.
Underwriting refers to the process where the application is reviewed and a premium, if offered, is determined.
Typically, an applicant for the surplus lines broker bond with good credit will pay $250 annually; however, the amount that you particularly will pay will be determined by your credit score and information supplied in your surety application.
Once issued, Virginia surplus lines broker bond is active for one year from the date of issuance.
You will want to ensure that the duration of your surety bond is concurrent with your licensing with the state. This prevents any lapses in bond coverage and threats of suspension of licensing by the Commission.
Additionally, in some cases, our agency may be able to offer a prepayment for this bond for up to three years, thereby offering a substantial savings of a year over year renewal of your bond.
Filing the Surety Bond
According to the State Commission, an “attestation” that you have obtained a surety bond, along with the bond number, the effective date, and the name of the insurance company, must be included on your application for a renewal.
The Commission therefore, does not require the physical copy of your bond.
Once purchased from our agency, while we will mail a copy of the bond to your address, we can also send you an emailed copy of your surety bond.
The purpose of the Virginia surplus lines surety bond is to serve as a financial guarantee that you will be in compliance with all regulations governing surplus lines brokering in the Commonwealth.
The surety bond protects others against acts of criminal malfeasance and misfeasance on the part of a licensed surplus lines broker. Additionally, the protections afforded the public by means of this surety bond also extend to wrongful acts committed by those whom you employ.
As principal of this surety bond, you are responsible for any claims paid against your bond; however, the total aggregate liability from your surety bond will not exceed the $25,000 amount.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout the Virginia. These include other license and permit surety bonds, court, and fiduciary bonds.
We also provide surety bonds nationwide.
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