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.
Current business financials and a personal financial statement might be required to underwrite these bonds. Having these documents handy when you contact SuretyBonds.com will help to expedite the bonding process and help you qualify for the lowest premium rate.
|Bond Type||Bond Amount||Cost*|
|$50,000 Surplus Line Broker Bond||$50,000||Starts at $500||Apply Now|
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.
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