Car insurance producer bond cost
The Maryland Automobile Insurance Fund producer’s bond amount is set at $10,000, and we can get you approved for just $100. No credit check is required, so all applicants qualify for this low rate and can get approved instantly!
Why this bond
The Maryland Automobile Insurance Fund (MAIF) was founded by the Maryland State Legislature in 1972 and provides automobile liability insurance for Maryland residents who are unable to otherwise obtain any.
An insurance producer’s bond is an important step in the licensing process to become a MAIF producer. This bond allows the state or customers to file a claim against the principal (producer) in the case of financial loss due to the producer’s negligence or faulty business practices.
Anyone who wants to be a licensed insurance producer for the MAIF is required to obtain a Maryland auto insurance provider bond. These bonds are continuous until canceled, and the surety must give the state 30 days’ notice prior to cancellation.
Become an automobile insurance fund producer
Each application must be furnished with the following information:
- agency’s name and legal trade name, if applicable
- addresses of all offices and branches
- tax identification number
- principal’s contact information including name, date of birth, address, social security number and title
- companies represented
- surety bond
- certificate of good standing
Apply for your surety bond
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