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Alabama Surplus Line Broker Bond

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.

Request your free surety bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Surplus Line Broker Bond $50,000 Starts at $500 $2,000-4,000 $5,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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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Additional Resources

Alabama Department of Insurance

Surplus Line Broker Requirements - Individuals

Surplus Line Broker Requirements – Business Entities

Code of Alabama, 1975: Title 27, Chapter 10 (Unauthorized Insurers and Surplus Lines)

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