Insurance Broker Bond Overview
An insurance broker bond is a type of license and permit bond which guarantees that insurance brokers account for insurance premiums they collect. It also guarantees that they will develop risk mitigation strategies faithfully and in accordance with state regulations.
This bond protects individuals who may be harmed by the actions of a licensed insurance broker. It is required by the state department of insurance upon applying for an insurance broker license and throughout the duration of the license.
Cases in which a claim can be filed against an insurance broker bond include:
- Collecting premiums for non-existent insurance policies
- Manipulating rates and collecting higher premiums
- Misleading clients to obtain insurance policies they do not need
- Encouraging clients to lie about personal details in insurance applications
- Encouraging clients to conceal and misrepresent their financial status in insurance applications
Insurance broker bonds are relevant to insurance brokers or agents, insurance adjusters, surplus lines brokers, and others. Furthermore, depending on the state you are based in, you may either have to obtain a bond which covers the whole agency (and includes all individuals) or have each individual bonded separately. Always make sure to check with your state’s department of insurance to know what kind of bond you need!
The insurance broker bond is considered relatively low risk by bonding companies when compared against other commercial surety bonds due to the very strict licensing requirements. Because of this rates are good, and vary very little between surety companies.
But not everyone will be accepted in the standard market. If, due to your credit report, you do not qualify for the standard market, Bryant Surety Bonds can offer you an insurance broker bond through our special bad credit surety bond program.
Find the Bond You Need
The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".
|Arizona||Insurance Broker||Director of Insurance||Apply Now|
|Arizona||Department of Insurance Administrator Bond||State of Arizona||Apply Now|
|Arizona||Health Care Card Provider Bond||State of Arizona, Department of Treasury||Apply Now|
|Arkansas||Third Party Administrator Bond||Arkansas Insurance Dept. License Division||Apply Now|
|California||Bond of Public Insurance Adjuster||State of California||Apply Now|
|California||Insurance Adjuster Bond||Producer Licensing Bureau||Apply Now|
|California||Bond for Insurance Broker||Producer Licensing Bureau||Apply Now|
|Colorado||Public Adjusters Bond||Colorado Division of Insurance||Apply Now|
|Connecticut||Third Party Administrators (TPA) Bond||CT Dept. of Insurance||Apply Now|
|District of Columbia||Public Insurance Adjusters Bond||Department of Insurance, Securities and Banking||Apply Now|
|Florida||Public Adjuster's||Florida Department of Financial Services||Apply Now|
|Florida||Insurance Broker||Bureau of Licensing||Apply Now|
|Georgia||Public Adjuster||Georgia Insurance Commissioner||Apply Now|
|Georgia||Insurance Counselor Bond||OFFICE OF INSURANCE AND SAFETY FIRE COMMISSIONER||Apply Now|
|Georgia||Third Agency Bond||Office of Commissioner of Insurance||Apply Now|
|Hawaii||Public Adjuster Bond||Hawaii Insurance Division||Apply Now|
|Idaho||Bond Of Public Adjuster||Idaho Department of Insurance||Apply Now|
|Illinois||Insurance Broker||Dept of Financial & Professional Regulation||Apply Now|
|Illinois||Preferred Provider Program Administrator||IL Dept. of Insurance||Apply Now|
|Illinois||Third Party Administrator||Illinois Department of Insurance||Apply Now|
|Iowa||Insurance Adjuster Bond||Iowa Insurance Division||Apply Now|
|Iowa||Third Party Administrator||Insurance Division||Apply Now|
|Kentucky||Financial Responsibility||Office of Insurance, Agent Licensing Division||Apply Now|
|Louisiana||Public Adjusters||Department of Insurance||Apply Now|
|Louisiana||Insurance 3rd Party Administrator Bond||Louisiana Department of Insurance||Apply Now|
|Maine||Insurance Consultant's License Bond||BUREAU OF INSURANCE||Apply Now|
|Maine||Insurance 3rd Party Administrator Bond||Dept of Professional & Financial Regulations||Apply Now|
|Maryland||Automobile Insurance Fund Producer||Maryland Automobile Insurance Fund||Apply Now|
|Maryland||Insurance Administration Insurance Advisor||MD Insurance Commissioner||Apply Now|
|Maryland||3rd Party Administrator Bond||Maryland Department of Insurance||Apply Now|
|Minnesota||Public Adjuster Surety Bond||Department of Commerce||Apply Now|
|Mississippi||Public Adjuster||Mississippi Department of Insurance||Apply Now|
|Missouri||Third Party Administrator||State of Missouri||Apply Now|
|Nevada||Administrators As Provided By NRS 683A||Nevada Division of Insurance||Apply Now|
|New Jersey||Public Adjuster||State of NJ Dept. of Banking & Insurance||Apply Now|
|New Jersey||Insurance Broker||Commissioner of Banking and Insurance||Apply Now|
|New Mexico||Insurance Adjusters Surety||New Mexico Public Regulatory Commission Licensing||Apply Now|
|New York||Adjusters||NY Insurance Department - Licensing Bureau||Apply Now|
|North Carolina||Public Adjuster Insurance||North Carolina Dept of Insurance||Apply Now|
|North Carolina||Broker Insurance||Commissioner of Insurance||Apply Now|
|Ohio||Public Insurance Adjuster||Ohio Superintendent of Insurance||Apply Now|
|Ohio||Electronic Individual Public Insurance Adjuster||Department of Insurance, Licensing Division||Apply Now|
|Ohio||Insurance Broker||Dept of Insurance||Apply Now|
|Oklahoma||Public Adjuster's Bond||State of Oklahoma Insurance Commissioner||Apply Now|
|Oklahoma||Third Party Administrator's||People of the State of Oklahoma||Apply Now|
|Pennsylvania||Public Adjuster||Pennsylvania Insurance Department||Apply Now|
|South Carolina||Insurance Broker||Dept of Insurance||Apply Now|
|South Carolina||Insurance Broker Bond||Dept of Insurance||Apply Now|
|South Carolina||Insurance Administrator Bond||South Carolina Department of Insurance||Apply Now|
|South Dakota||Discount Medical Plans Bond||SD Dept. Labor & Regulation Division of Insuranc||Apply Now|
|Tennessee||Public Adjusters||TN Department of Commerce||Apply Now|
|Texas||Public Insurance Adjuster Bond||Texas Department of Insurance||Apply Now|
|Texas||Insurance Agency||Department of Insurance||Apply Now|
|Texas||Discount Health Care Program Operator||Texas Department of Insurance||Apply Now|
|Utah||Third Party Administrator Bond||Utah Department of Insurance||Apply Now|
|Washington||Insurance Broker's Bond||Insurance Commissioner||Apply Now|
|Washington||Insurance Agents/Brokers Bond||State of Washington||Apply Now|
|West Virginia||Financial Conditions Division Administrators Bond||West Virginia Insurance Commissioner, Financial Co||Apply Now|
|Wisconsin||Employee Benefit Plan Administrator||Wisconsin Office of The Commissioner of Insurance||Apply Now|
|Wyoming||Third Party Administrator||State of Wyoming||Apply Now|
Insurance Broker Bond Cost
Insurance broker bond cost depends on the bonding amount required by your state government. Because of the strict bonding requirements for insurance brokers, these bonds are accessible and rates for both standard market applicants and bad credit applicants are relatively low.
The exact cost of your insurance broker bond is a fraction of the bond’s total amount. Bond amounts can vary from as little as $5,000 or less, as in Georgia or Oklahoma, to as much as $10,000, $15,000 or $25,000 as in California, North Carolina, and Texas.
Rates for standard market applicants range between 1%-4% of the total bond amount though no less than $100. The exact amount of your premium will depend first and foremost on your personal credit score. When determining your rate, sureties will always assess your credit score and use this as the basis for their calculation.
Over the years we have created a network of partner surety companies all of which are A-rated and T-listed. This places them among the best sureties in the nation, and provides us with exclusive access to some of the best and lowest surety bond rates in all states. If you apply for your insurance broker bond with us, you are sure to get the best deal!
The cost of surety bonds is also influenced by other factors, apart from personal credit score. Our extensive surety bond cost guide can provide you with more information on the subject, if you’d like to know how premium rates are determined.
Bad Credit Insurance Broker Bond Program
Our Bad Credit Surety Bond Program makes it possible for applicants with poor credit or without credit to get bonded as well. Since licensing requirements for insurance broker bonds are very strict, applicants with bad credit who pass these requirements usually don’t get rates which are exceptionally high.
Rates under this program usually are slightly higher, between 5%-15% of the total bond amount but for insurance broker bonds these are often not higher than 10%. All bonds, regardless of the applicant’s credit status are offered and backed by the same sureties, so by getting your bond with us, you will have the backing of these professionals! Don’t forget - a bond is only as good as the surety backing it!
How to Get Your Insurance Broker Bond
Getting your insurance broker bond is very easy and applying takes just a few minutes! Apply online here, fill in your application and submit it. Soon after that, we will contact you with a free quote on your bond and further directions. From there it’s only a matter of a few more details before you have your bond.
Call us at 866.450.3412 anytime to consult with one of our surety professionals. We have underwritten countless insurance broker bonds in all states and know all about them. We will be happy to answer your questions and help you out!