Virginia Title Insurance Settlement Agent Bond |
AmeriPro Surety Bonds | 844-589-9732
Title Insurance Agents – Virginia
Virginia title insurance agents are regulated by the State Corporation Commission (SCC).
As a condition of licensing, a surety bond is also required.
AmeriPro Surety Bonds offers the title insurance agent surety bond for both first time and renewal applicants.
Virginia Title Insurance Settlement Agent Bond: Amount and the Premium (or Cost)
The Virginia title insurance settlement agent bond, (which can also be called a Virginia title insurance agent bond) is a $200,000 surety bond required as per § 55-525.50 of the Virginia Code. The statute states that the bond will not be less than $200,000.
Because of the bond’s large amount, applicants will be asked to provide a detailed surety bond application.
Questions you may expect to be asked include:
- Your net worth and source(s) of income;
- You may be asked to provide bank statements for the past several months. Business statements may also be requested;
- You may be asked to provide a financial statement. In some cases, the request may be for an audited stated, if this is available;
- You may be asked about any unsatisfied judgments, tax liens, or pending law suits;
- An active bankruptcy will likely be disqualifying;
- You may also be asked about any investments, their value, and the location of the same;
- You may be asked about any other businesses and their nature;
- You may be asked to provide information on real property owned, whether alone, or with someone else.
Also, of course, a big determining factor for the approval of this bond will be your credit score.
If you are approved for this bond, it will be at 1/2 of 1%, $1000 annually.
Duration of this Bond; Premium Payment Options
The Virginia title insurance agent surety bond is active for one year from the date of issuance. It must be renewed annually. However, your bond may be prepaid for up to 3 years, thereby saving you on vis-a-vis annual renewals.
The premium prepayment options are as follows:
- If prepaid for 2 years, the premium is $1800, a $200 savings;
- If prepaid for 3 years, the premium is $2600, a $400 savings.
Filing of the Bond
In accordance with state rules, only an original of the Virginia title insurance settlement agent bond may be filed with the SCC; emailed copies are not acceptable.
Purpose of this Surety Bond
Your Virginia title insurance settlement agent bond is a financial guarantee for the SCC and the residents of the Commonwealth. This surety bond exists to ensure your compliance with Chapter 27.3 of the Code of Virginia and any amendments or changes.
While the bond is required of your, its benefit is for others.
As the principal of this surety bond, should any claims be received, judged credible, and paid by the surety, you are liable for reimbursement for all costs and fees involved.
You are only liable for claims (not including lawyer’s fees, costs) up to the aggregate amount of this surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court and fiduciary surety bonds throughout the Commonwealth of Virginia. Our surety agency also provides surety bonds nationwide.
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