What is the South Dakota Surplus Lines Broker Bond?
The South Dakota Surplus Lines Broker Bond required by the State’s Department of Labor and Regulation Division of Insurance is a concrete and unassailable warranty declared by Surplus Lines Brokers that in the operation of their business, they will not commit the following unauthorized acts:
- Operating/conducting activities as an insurance producer for a non-admitted insurer in insurance business deals within the state;
- Advertising a non-admitted insurer, in whatever way, within the state;
- Assisting, in any manner, a non-admitted insurer to conduct insurance business-related operations within the state.
Why do you need the South Dakota Surplus Lines Broker Bond?
You need a Surplus Lines Broker Bond because you value your profession and you want to be regarded as a respectable Surplus Lines Broker. The bond is necessary to make you appealing to prospective clients, at the same time, earn for you the confidence of existing clients. And because you want to stand out among your peers in the industry, the Surplus Lines Broker Bond is what you need as it is one of the surest ways to survive the cutthroat competition.
More details about the South Dakota Surplus Lines Broker Bond
The bond can be concluded only if at least 30 days written notice before its actual termination has been given to the broker and filed with the director.
What is the cost of a South Dakota Surplus Lines Broker Bond?
A Surplus Lines Broker Bond amount is $2,000 and must be procured from a certified surety organization approved by the Director and is licensed to operate within the State of South Dakota.
How do I get the South Dakota Surplus Lines Broker Bond?
Obtaining a South Dakota Surplus Lines Broker Bond is simple. Just be sure to contact reliable surety bond practitioners for swift and professional service.