What is an Ohio Title Insurance Agent Bond?
Learn about one of the most important Title Insurance Agent licensure requirements in Ohio!
Any person, partnership, or corporation that is applying for a Title Insurance Agent license in the State of Ohio is required to post a surety bond.
The requirement is enforced by the Ohio Department of Insurance in pursuance of Chapter 3953.23 of the Ohio Revised Code.
A Title Insurance Agent is a person who is employed by a title insurance company to perform the following duties:
- Collect premiums for the title insurance company
- Issue or countersign policies on the title insurance company’s behalf
- Handles escrow, settlement, or closing functions for real estate transactions
What is the bond amount?
The bond amount is $150,000.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the bond conditions?
- The bond will be a legally binding agreement between these three key parties:
Principal – The Title Insurance Agent license applicant or licensee
Obligee – The State of Ohio
Surety – the surety bond company who will issue the bond
- The surety bond company should be authorized to conduct business in the State of Ohio such as Surety Bond Authority
- The Title Insurance Agent license applicant or licensee should comply with the provisions of Chapter 3953 of the Ohio Revised Code, the rules and regulations of Ohio Department of Insurance, and all the other applicable rules that govern title insurance agents in Ohio
- In case of a valid violation committed by the Title Insurance Agent licensee, the aggrieved party will be eligible to file a claim on the bond
- The bond shall remain valid until canceled. In the case of cancellation, a 60-day notice is required.
How can I obtain a Title Insurance Agent bond?
In order to secure this type of bond, the Title Insurance Agent license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application has been received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
If you need further information about this bond, call or email us! We’ll be glad to assist you!