California Insurance Broker Bond
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How much does a California insurance broker surety bond cost?
California Insurance Broker Bonds cost $100 for the state-required 2-year-term. The state requires these bonds be issued for 2 years, so the $100 premium includes both years.
How do you get a California insurance broker surety bond?
You can purchase your California insurance broker bond instantly online 24/7. You'll just need to provide the name and address used for your California broker's license. Once your payment is received, your official surety bond documents will be delivered to your email in just a few minutes.
How fast can I get a $10,000 California broker bond?
SuretyBonds.com offers instant California insurance bond delivery 24/7. Purchase now to receive your official California surety bond delivered in minutes by email.
What is a California insurance broker bond?
California Insurance Code sections 1662-1665 requires the state's insurance brokers to file a surety bond with the state before getting their insurance license. Insurance broker bonds must remain active as long as the broker intends to be licensed to work in the state. The surety company can cancel the bond by delivering written notice of cancellation to the commissioner at least 30 days before the effective termination date.
Who regulates licensing for insurance brokers in California?
The California Department of Insurance enforces license requirements for insurance brokers working in the state. The $10,000 surety bonds are required as part of the regulatory licensing process.
Why do you need a California insurance broker bond?
By posting a California insurance broker bond, principals (insurance brokers) pledge to handle all funds received appropriately and apply them to the services and products requested by the client. If the principal or their solicitors and employees fail to conduct ethical and lawful business, the bond coverage protects consumers from financial loss up to the full amount of the bond. The principal must reimburse the surety company for all damages paid out.
If you work as a licensed insurance broker in California, you might also need a California insurance adjuster bond or California surplus line broker bond.
Who needs a California insurance broker bond?
According to California Insurance Code sections 1662-1665 property broker-agents, casualty broker-agents, and personal lines broker-agents must all file and maintain a $10,000 surety bond with the insurance commissioner to be authorized to legally work as a broker in the state. Individual brokers and companies licensed as both property and casualty only need one surety bond. If you're an individual broker or an insurance broker business owner, you need a bond to comply with California Insurance Code.
How do I update or change my insurance broker bond form?
If the California Department of Insurance requires your surety bond documentation to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes for these bonds include:
- insurance broker's name
- insurance broker's address
How do I renew my insurance broker bond in California?
The Department of Insurance requires California insurance broker bonds be issued for 2-year terms, so they must be renewed whenever the current term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be sent to you.
What are the requirements to be an insurance broker in California?
Completed insurance broker registration applications should be sent to the Insurance Commissioner of California. The following materials must be included in the registration application:
- Submit your fingerprints for a background check.
- Complete the 1033 Short Form Application for Written Consent.
- Complete pre-licensing education requirements.
- Pass the Casualty Broker-Agent license examination.
- Purchase and file a $10,000 California insurance broker surety bond.
- Submit your license application online.
- Pay the $188 licensing fee.
Learn How to get a California insurance broker license by reviewing our comprehensive guide.
Have Questions?
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