What is the New Mexico Non-Resident Insurance Broker Bond?
The Insurance Division of the New Mexico Public Regulation Commission requires all non-resident insurance brokers to post the New Mexico Non-Resident Insurance Broker Bond as a concrete demonstration of their sincerity that in the conduct of business operations, they will adhere to all state laws concerning insurance brokering.
This bond is also an irrefutable guarantee that they will never operate without a license, will always notify the superintendent of any changes in business address, will not fail to sustain the minimum required credit hours every year for continued education, and will never engage in any fraudulent activity or have participated in any discriminatory practice.
Why do you need the New Mexico Non-Resident Insurance Broker Bond?
You need a New Mexico Non-Resident Insurance Broker Bond because you want to enrich your business image, add prestige to your name, and be known as an upright non-resident insurance broker. You also need this bond for you to protect your business name from scandalous acts that may be committed by your employees.
Likewise, the bond can make your company appear very attractive to customers because they will naturally want to hire the services of a non-resident insurance broker company that they can trust. Finally, the New Mexico Non-Resident Insurance Broker Bond can assure you the peace of mind you need knowing fully well that if an employee conducts himself in an unethical manner, the distressed client or business ally can demand financial damages without harming your business assets.
What is the cost of the New Mexico Non-Resident Insurance Broker Bond?
The New Mexico Non-Resident Insurance Broker Bond varies. The premium payment amount of this bond is immensely dependent on the repossessor’s credit history and financial standing. If without previous criminal liabilities and repossessor holds excellent business credentials and has an outstanding track record in the industry, the licensee is bound to pay a lesser premium amount compared to that of someone who has committed felonies in the past or has a low credit mark.
How can I get the New Mexico Non-Resident Insurance Broker Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and economical.