Surplus line broker surety bond cost
We are offers surplus line broker bonds in Rhode Island for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our surety experts will work hard to find you the best price for your unique credit situation. The required bond amount that needs to be posted is $25,000.
Why this bond
Being bonded means protecting clients from any unjust business practices or fraud conducted by brokers in Rhode Island. This specific bond type assures that if consumers are wronged, they have a safeguard from unprofessional acts of business and can be compensated for any potential losses they may face. Unethical acts covered by this bond include but are not limited to the following:
- placing life, health, accident or disability insurance with an insurer not licensed in Rhode Island or not on the Insurance Commissioner’s list of Approved Surprise Line Insurers
- placing risks with unauthorized insurers
- making insignificant justifications for placing risks
- charging unjustified fees
- not remaining in compliance with R.I. Gen. Laws 27-2.4-1 and 27-3-38 through 27-3-41
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
Surplus line broker bond details
This bond runs continuously in full force and effect unless otherwise cancelled by the surety or the principal. If he or she chooses to terminate the bond early, a notice of termination is required to be given to the obligee and filed with the Commissioner 30 days prior to cancellation.
Become a surplus line broke
It is unlawful for a person to act as a surplus line broker in the state of Rhode Island without being properly licensed to do so. In order to obtain the required license, the applicant must do the following:
- complete the application for the license on forms furnished by the Commissioner
- pay all required application fees
- post a bond of $25,000
- be able to provide proof of holding a valid Property and Casuality Insurance Producer license
Our experts understand these licensing requirements and are here to answer any questions you may have. Complete our bond request form today to receive your free, no-obligation bond quote!
Apply for your surety bond
Get a FREE Rhode Island Surplus Line Broker Bond Quote Today! Click here to begin