Why This Is Important, Insurance Broker Bond
We write Insurance Broker Bonds in Washington. Insurance agents usually sell a number of types of insurance. Many states require that insurance brokers obtain a bond to make sure that the broker operates according to the law. The bond protects towards predatory practices and protects customers against fraud and unethical conduct on the a part of the broker. This bond is also known as an insurance agent bond or an insurance producer bond.
Bonds exist to guard customers, and if you purchase a bond, you are agreeing to abide by the situations of the bond. If you don’t, a claim could also be introduced in opposition to your bond.
Insurance Broker Bond, A Detailed Analysis
Southern California Insurance Brokerage (SCIB) is an unbiased insurance brokerage that has been providing Southern California companies and organizations with superior insurance merchandise and surety bond companies since 1972. But that is not the case on the subject of your freight broker bonds. As we already established, the premium you pay will largely depend on your credit rating. Low credit score or a lack of credit historical past shouldn’t discourage you, although.
We also have an choice for a no credit verify and no underwriting surety bond; however, the value for this bond shall be 2% or $300 yearly.
The California Division of Insurance has required the obtainment of the Insurance Broker Bond. The required bond quantity is $10,000. This bond is required with a view to receive an energetic insurance agent license. The bond necessities are set forth in Chapter 2, Division 5 and Chapter 2, Title 14, Part 2 of the Code of Civil Process for the State of California.
How To Develop into An Insurance Broker In California
Since 1991 CBS has been offering our purchasers with the most aggressive bond and insurance options along with over one hundred mixed years of experience assisting contractors receive and maintain their license. Beginning your bonding course of is easy. Just apply on-line to get a free California insurance broker bond quote very quickly. Once you submit your full profile, we’ll ship you your exact bond value.
A surplus line broker’s license could also be revoked if the broker fails to file their annual statement, remit the annual tax required by regulation, preserve the appropriate bond, maintain data of transactions beneath the license, or permit examination of licensee, or any cause for which a producer license may be revoked. The Commissioner could droop or revoke the excess line broker’s license if he finds that the broker has, willfully or without train of due care, positioned any insurance protection with an unauthorized (non-admitted) insurer in violation of any of the Alabama code requirements.
The Importance Of Insurance Broker Bond
California Insurance Brokers are required under the Insurance Code Sections 1662-1665 to file a California Insurance Broker Bond as a condition of licensure. Platinum Bonds is awesome. They helped me get the proper bond for Mortgage Broker & Real Property Broker. Saved me a whole lot of money.