What is a North Carolina Insurance Broker Bond?
See why this surety bond matters to your profession and how to easily obtain one fast!
What is an Insurance Broker Bond?
It is one of the major requirements to become a licensed insurance broker in the State of North Carolina.
A surety bond is a legally binding contract that will provide a guarantee to the North Carolina Department of Insurance that the insurance broker will faithfully perform his or her obligations.
This includes, but is not limited to, the following:
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- That the insurance broker will provide a detailed report of the monies or premiums collected to any person who is requesting the broker to obtain insurance
- That the insurance broker will submit the said report to the licensed insurer or agent who will provide the coverage
- That the insurance broker will provide the premium finance company or any association of insurers a complete report as well
Failure to comply with the aforementioned conditions, as well as the rest of the bond’s conditions, will be a ground for a surety bond claim.
What is the Insurance Broker Bond amount?
The bond amount is $15,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get an Insurance Broker Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
BOND APPLICATION
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
ASSESSMENT
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
BOND ISSUANCE
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of North Carolina
- The surety bond should be made payable to the Commissioner of Insurance of the State of North Carolina for the use of any aggrieved parties
- The licensed insurance broker is obligated to comply with the provisions of Chapter 58 of the North Carolina General Statutes as well as the rules and regulations of the North Carolina Department of Insurance
- If the licensed insurance broker commits a violation, the aggrieved party will be eligible to file a claim against the surety bond