Insurance agent bond cost
The Kentucky Department of Insurance requires insurance agents, public adjusters, consultants, surplus lines brokers, life settlement providers and life settlement brokers to post surety bonds prior to conducting business.
Pricing for this type of bond is subject to underwriting consideration, so individuals must submit an application to find out their annual premium. The best way to determine your Kentucky insurance bond cost is to request a free bond quote online!
Why this bond
By posting a Kentucky financial responsibility surety bond, principals (insurance professionals) agree to conduct business according to the Kentucky Revised Statutes referenced on the bond form. If a principal fails to do so, the bond protects those damaged by the principal’s actions. Harmed individuals can make a claim on the bond, and the surety will pay reparations up to the bond amount. The principal must then reimburse the surety for any claims paid.For more information about insurance industry bonds in Kentucky, contact a surety expert online.
Insurance agent bond details
Kentucky financial responsibility bonds remain in force until the principal’s license is revoked or otherwise terminated, or until the bond is canceled by the surety. The surety can cancel the bond by providing written notice of termination on Form 99-5 to both the principal and commissioner at least 30 days prior to the effective termination date.All signatures on the bond form must be acknowledged by a commissioned notary public.
Become an insurance professional
Licensing requirements vary depending on the type of financial responsibility duties the applicant wishes to perform. Available licenses include:
- third party administrator
- life settlement broker/provider
- managing general agent
- reinsurance intermediary broker/manager
- rental vehicle agent and managing employee
- surplus lines broker
For complete licensing requirements, applicants should visit the Kentucky Department of Insurance website.Take the first step to getting licensed as an insurance professional in Kentucky. Apply for your surety bond today!
Apply for your surety bond
Get a FREE Financial Responsibility Bond Quote Today! Click here to begin