What is the Kansas Title Insurance Agent Bond?

Kansas Title Insurance Agent BondThe Kansas Title Insurance Agent Bond is instituted by KSA 40-1139 and exists to make sure that an agent will carry out all his/her duties and obligations contained under KSA 40-1135 through 40-1141. The bond is also issued to assist any individual or groups of people who will sustain losses due to an agent’s mismanagement of money received or held in escrow, deposit or trust. Having the Kansas Title Insurance Agent Bond also indicates that an agent has appropriate and legitimate government permission to provide insurance-related services to anyone within the territorial jurisdiction of Kansas. At the same time, it guarantees that all business dealings will be performed judiciously and that all obligatory taxes will be paid.

The bond is also issued to assist any individual or groups of people who will sustain losses due to an agent’s mismanagement of money received or held in escrow, deposit or trust.

Having the Kansas Title Insurance Agent Bond also indicates that an agent has appropriate and legitimate government permission to provide insurance-related services to anyone within the territorial jurisdiction of Kansas. At the same time, it guarantees that all business dealings will be performed judiciously and that all obligatory taxes will be paid.

 

Why do you need the Kansas Title Insurance Agent Bond?

You need this bond because you are an upright title agent who believes in accountability in every transaction. Having this bond can boost your image as a title agent thereby making you stand out among your peers in the industry. With this bond, current clients will feel proud that they chose you to serve them, at the same time, become appealing to potential customers and business collaborators who are constantly in search of responsible and viable business partners.

 

More details about the Kansas Title Insurance Agent Bond

The bond remains in effect for the totality of the period in which the agent’s license is active. However, the surety backing the bond may opt to cancel the bond at any point during the term by providing 30 days written notice to the Kansas Commissioner of Insurance.

 

What is the cost of a Kansas Title Insurance Agent Bond?

The Kansas Department of Insurance mandates an agent to obtain a surety bond in an amount governed by the number of people located in the county in which he/she operates. The amounts required are: 1) For populations of 20,000 or less ($25,000); 2) For populations of 20,001-40,000 ($50,000); 3) For populations of 40,001+ ($100,000).

 

How do I get a Kansas Title Insurance Agent Bond?

Getting a Kansas Title Insurance Agent Bond is easy. For faster results, choose a competent and legitimate Surety Bond Company to assist you. With the services of a qualified surety bond practitioner, you don’t only get to protect your business; you also get to safeguard your reputation and business image, provide valuable service to your clients, all in a cost-effective way.

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