Hawaii Legal Service Plan Bond Guide
If you’re offering a legal services plan benefit to employees in Hawaii, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure sponsors properly account for and manage all collected funds
- Who Needs It: All organizations offering legal services plan benefits to members/employees
- Regulating Body: The Insurance Commissioner of Hawaii
- Required Coverage: $1,000–$100,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Hawaii Legal Service Plan Bond?
A Hawaii legal service plan bond holds sponsors responsible for upholding state regulations. The bond also protects clients from loss if a plan sponsor mishandles funds.
How Much Do Legal Service Plan Bonds Cost?
Hawaii legal service plan bonds cost a small percentage of the bond amount, typically 1–10%. For example, a $1,000 bond could be as low as $100.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Legal Service Plan Bond?
The Insurance Commissioner of Hawaii requires this bond as part of the licensing process for legal plan sponsors in the state.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Hawaii legal service plan bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Insurance Commissioner as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Hawaii Legal Service Plan Bond Work?
As with all surety bonds, a legal service plan bond creates a legal contract between three parties:
- Principal: You, the legal plan sponsor filing the bond
- Obligee: The Insurance Commissioner of Hawaii requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Chapter 488 of Hawaii Revised Statutes.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your legal service plan bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.