Alabama Surplus Line Broker Bond
Purchase your bond instantly online when you choose one of the 3 term options below. Save time and money by extending your bond term. Choosing a longer term now means you pay 25% less for your bond each year and forego the annual renewal process.
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How much does a surplus line broker bond cost in Alabama?
Alabama’s Department of Insurance requires surplus line brokers to post $50,000 surety bonds prior to conducting business.
SuretyBonds.com issues these bonds instantly for $500. For those choosing two- or three-year terms at checkout, a 25% discount is available for subsequent years.
If you’re ready to get bonded quickly, easily, and accurately, give us a call at 1 (800) 308-4358, or submit a bond request now!
Why do I need this bond?
Alabama surplus line broker bonds ensure that principals (surplus line brokers) conduct business in accordance with the provisions of the Alabama Surplus Line Insurance Law and all rules and regulations prescribed by the tax law mentioned in Section 27-10-31 of the Code of Alabama 1975.
If the broker fails to conduct business according to the terms of the surety bond contract, the bond protects harmed parties from financial loss up to the full bond amount. The principal must pay the surety back for all damages paid out.
The best way to find out exactly how much you’ll pay for your Alabama private school surety bond is to request your free bond quote now!
What’s the fine print?
Surplus line broker bonds in Alabama remain in full force and effect as long as the principal remains in compliance with the terms and conditions of the license and all pertaining laws. The bond remains valid until the license is revoked by the Commissioner of Insurance.
The surety can cancel and discontinue the bond by giving written notice of cancellation to both the principal and the Commissioner of Insurance via registered or certified mail. Cancellation becomes effective 30 days after the receipt of said notice.