What is an Alabama Surplus Line Broker Bond?
Get your surplus line broker license through this surety bond!
Negotiating insurance coverage for certain individuals from non-admitted insurers is hard work.
Applying for a surety bond in order to fulfill that particular obligation shouldn’t be hard.
In order to guarantee the lawful performance of licensed Surplus Line Brokers’ obligations, the Alabama Department of Insurance requires them to submit a surety bond upon application.
The licensed Surplus Line Broker is also obligated to maintain a valid surety bond as long as his or her license is in effect.
What is the bond amount?
The bond amount for Surplus Line Brokers is $50,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or just 1% of the bond amount!
Find out you need to pay for this bond today! Get your FREE QUOTE HERE!
What are the Surplus Line Bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in Alabama
- The surety bond should be made payable to the Alabama Commissioner of Insurance
- The licensed surplus line broker is obligated to comply with the provisions of Sections 27-10-20 through 27-10-38 of the Code of Alabama or the Alabama Surplus Line Insurance Law, the rules and regulations of the Alabama Department of Insurance, and all the other applicable rules
- If the licensed surplus line broker commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- The Alabama Commissioner of Insurance may increase the bond amount depending on the surplus lines tax paid in the previous year
- The surety bond will remain valid until canceled. In case of cancellation, a 30-day notice is required
How can I obtain a Surplus Line Broker Bond?
You can easily obtain this bond by following these simple steps:
STEP 1: Apply
If you are ready to submit your application for this type of bond, you may easily do it HERE!
Don’t worry! We will guide you through the whole process.
STEP 2: Underwriting
Once we have received your application, we will ask you a couple of important details needed for the underwriting process. This will include your financial history, your job performance history, and your credit score. An expert underwriter will evaluate all those.
STEP 3: Bond Execution
After you have satisfied the underwriter’s checklist, the bond will immediately be issued and sent to you!
Ready to start on your bond? APPLY HERE!