What is a Virginia Title Insurance Settlement Agent Bond?
Know why this surety bond matters to your profession and how to easily obtain one!
What is a Title Insurance Settlement Agent Bond?
Persons who are intending to become settlement agents in the Commonwealth of Virginia who are not part of the list below are required to procure a surety bond.
- Licensed title insurance agent and is appointed by a licensed title insurance company
- Licensed attorney
- Licensed real estate broker
- Licensed title insurance company
- A financial institution or a subsidiary or affiliate of a financial institution authorized to do business in the Commonwealth of Virginia
The surety bond will serve as a guarantee to the Virginia State Corporation Commission, Bureau of Insurance that the title insurance settlement agent will fulfill his or her lawful obligations. This includes, but is not limited to, the following:
- Have a certified public account audit the settlement agent’s escrow account at least once each consecutive 12-month period
- A copy of the audit report should be submitted to the licensing authority no later than 60 days after the completion of the audit
- A copy of the audit report must be submitted to each title insurance company that it represents
A breach in the bond’s conditions will be a ground for a bond claim.
What is the Title Insurance Settlement Agent Bond amount?
The bond amount is $200,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium, or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Title Insurance Settlement Agent Bond?
You can easily get one by simply applying for this surety bond! Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit in order to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with a clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!
What are the surety bond conditions?
- The Surety should be authorized to conduct business in the Commonwealth of Virginia
- The bond should be payable to the Commonwealth of Virginia
- The title insurance settlement agent must comply with the provisions of Sections 55-525.16 until 55-525.32 of the Code of Virginia as well as the rules and regulations of the Virginia State Corporation Commission, Bureau of Insurance
- If the title insurance settlement agent commits a violation, the Obligee will be eligible to file a claim against the surety bond