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Surplus lines broker bond cost

The Georgia Commissioner of Insurance requires surplus lines brokers to post $50,000 surety bonds. Surety Bonds offers surplus lines broker bonds for varying amounts based on a review of each applicant’s personal credit report. Applicants with strong financial credentials could qualify to pay as low as 1% of the bond amount, or just $500.

Some surety underwriting companies might require current business financials and a personal financial statement to produce this bond, so having these documents handy will speed up the bonding process and could even help you qualify for a lower rate.

Why this bond

By posting a Georgia surplus lines broker surety bonds, principals (surplus lines brokers) pledge to comply with the requirements of the Official Code of Georgia Annotated and file a sworn statement of the following figures with the Commissioner of Insurance on or before April 15 of each year and quarterly thereafter:

  • The gross premiums charged for insurance placed
  • The gross premiums returned on such insurance canceled during the preceding quarter

The bond also requires the broker to pay the Commissioner a sum equal to 4% of such gross premiums less return premiums and faithfully account to all persons requesting insurance products through the broker.

The bond protects harmed parties from financial loss up to the full amount of the bond if the principals fails to comply with these terms.

Become a surplus lines broker

Applicants have the option to become a licensed resident surplus lines broker or a licensed nonresident surplus lines broker. Resident applicants must:

  • Hold or apply for property and casualty agent license
  • Pass the Surplus Lines Broker examination
  • Complete and submit form GID-30
  • Post a $50,000 surety bond
  • Submit payment of $615

Nonresident applicants must:

  • Complete and submit a Nonresident Uniform Application for Individual Producer
  • Provide proof of his or her original certificate letter dated within 90 days from the resident state
  • Submit payment of $615

Apply for your surety bond

Get a FREE Surplus Lines Broker Bond Quote Today! Click here to begin