How much does a surplus lines broker bond cost in Georgia?
The Georgia Commissioner of Insurance requires surplus lines brokers to post $50,000 surety bonds.
SuretyBonds.com offers surplus lines broker bonds for varying amounts based on a review of each applicant’s personal credit report. Applicants with strong financial credentials could qualify to pay as low as 1% of the bond amount, or just $500. Some surety underwriting companies might require current business financials and a personal financial statement to produce this bond, so having these documents handy will speed up the bonding process and could even help you qualify for a lower rate. Apply for your free surety bond quote now!
|Bond Type||Bond Amount||Cost*|
|$50,000 Surplus Lines Broker Bond||$50,000||Starts at $500||Apply Now|
The experts at SuretyBonds.com make getting the bond you need fast and easy. Call 1 (800) 308-4358, or submit a bond request, to get started.
Why do I need this 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’s the fine print?
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
Ready to get started?