What is a Georgia Insurance Counselor Bond?
Know the who, what, and how of this surety bond today!
The terms and conditions of an insurance contract can sometimes be very confusing. That is why when in doubt, the majority hire an insurance counselor.
An insurance counselor clarifies and guides the client to the right path in terms of an insurance contract.
All resident insurance counselors are required by the Commissioner of Insurance of the State of Georgia to secure a surety bond to become licensed. The surety bond will guarantee the compliance of the licensed insurance counselors to the state laws and the rules that govern them.
The surety bond will also safeguard the clients of the licensed insurance counselor from any unlawful acts that the said licensee has committed. If this happens, the client who has suffered damages will be financially compensated through the surety bond.
This requirement is per Section 120-2-3-.18 of the Georgia Insurance Regulations.
What is the Insurance Counselor Bond amount?
The bond amount is $5,000.
If you have an excellent credit score, you will be eligible for a very low bond premium!
Know what you need to pay right now! GET YOUR FREE QUOTE HERE today!
How can I get an Insurance Counselor Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
You will also need to obtain a copy of the bond form from the State Office of Commissioner of Insurance: Insurance Counselor Bond
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Georgia
- The surety bond should be made payable to the Commissioner of Insurance of the State of Georgia
- The surety bond should be continuous for up to 5 years
- The licensed insurance counselor is required to comply with the provisions of Section 33-23-1 of the Georgia Code, the Georgia Insurance Regulations, and the rules set forth by the Commissioner of Insurance
- If the licensed insurance counselor commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
Secure your license! Get bonded! APPLY HERE!