Kansas Title Insurance Agent Bond
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How much does a Kansas title insurance agent bond cost?
The Kansas Department of Insurance requires that all title agents acquire a surety bond in an amount determined by the number of people located in the county in which they operate. The amounts of the required surety bonds are as follows:
- $25,000 for county with populations of 20,000 or less
- $50,000 for county with populations of 20,001-40,000
- $100,000 for county with populations of 40,001 or greater
Due to large bond requirements, title insurance agent bonds in Kansas are subject to underwriting, meaning the premium one should expect to pay is largely dependent upon the applicant’s personal credit.
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Why do title agents need a surety bond?
The requirement for title insurance agents to obtain a surety bond is established by KSA 40-1139 and is in place to ensure that the agent will perform all duties and obligations mandated by KSA 40-1135 through 40-1141. The bond is issued to benefit person or people suffering a loss due to the agent’s mishandling of money received or held in escrow, deposit or trust.
In the event that a loss is incurred and a claim is filed, the surety will pay out up to the full amount of the agent’s bond in order to reach a settlement. Once the claim has been settled, it is the responsibility of the agent to reimburse the surety for all money paid out in the claims process.
What’s the fine print?
Kansas title insurance agent bonds are to remain in effect for the entirety of the period in which the agent’s license is active. However, the surety backing the bond may opt to cancel the bond at any point during the term by providing 30 days written notice to the Kansas Commissioner of Insurance.
How to become a title agent in Kansas
For an individual who is 18 years or older to qualify for a license as a title insurance agent in Kansas they must complete the following:
- Submit the NAIC uniform application for their individual insurance producer license (select “O-Other” for title agents)
- Provide a clearance letter if currently licensed in another state (not required if the state participates in the NAIC PDB)
- Provide evidence of FINRA registration (only when variable contracts authority is required)
- Pass the required licensing examination
Once the title insurance agent’s license has been approved and issued, it is the license holder’s responsibility to ensure that they renew the license every two years. For more information regarding licensing, please refer to the Kansas Insurance Department website in the Additional Resources section of the page.
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