Georgia Surplus Lines Broker Bond
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How much does a surplus lines broker bond cost in Georgia?
SuretyBonds.com offers $50,000 surplus lines broker bonds for $500 and issues these instantly. A 25% multi-year discount is also available. Simply click Buy Now to visit our secure bond checkout to purchase your bond directly from our site. In just a few minutes you can be on your way to being bonded as a surplus lines broker in Georgia.
What is a Georgia surplus lines broker bond?
By posting a Georgia surplus lines broker surety bonds, principals (surplus lines brokers) pledge to comply with the requirements of the Official Code of Georgia Annotated and file a sworn statement of the following figures with the Commissioner of Insurance on or before April 15 of each year and quarterly thereafter:
- the gross premiums charged for insurance placed
- the gross premiums returned on such insurance canceled during the preceding quarter
The bond also requires the broker to pay the Commissioner a sum equal to 4% of such gross premiums less return premiums and faithfully account to all persons requesting insurance products through the broker.
The bond protects harmed parties from financial loss up to the full amount of the bond if the principals fails to comply with these terms.
What else do I need to know about Georgia surplus lines broker bonds?
Surplus lines broker bonds in Georgia remain in full force and effect until canceled.
Our experts are here to answer any questions you have about this specific surety bond type. Call 1 (800) 308-4358 to connect with our team.
How to become a surplus lines broker in Georgia
Applicants have the option to become a licensed resident surplus lines broker or a licensed nonresident surplus lines broker. Resident applicants must:
- hold or apply for property and casualty agent license
- pass the Surplus Lines Broker examination
- complete and submit form GID-30
- post a $50,000 surety bond
- submit payment of $615
Nonresident applicants must:
- complete and submit a Nonresident Uniform Application for Individual Producer
- provide proof of his or her original certificate letter dated within 90 days from the resident state
- submit payment of $615