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Kentucky Financial Responsibility Bond

How much does an insurance agent bond cost in Kentucky?

The Kentucky Department of Insurance requires insurance agents, public adjusters, consultants, surplus lines brokers, life settlement providers and life settlement brokers to post surety bonds prior to conducting business.

Pricing for this type of bond is subject to underwriting consideration, so individuals must submit an application to find out their annual premium. The best way to determine your Kentucky insurance bond cost is to request a free bond quote online!

Bond Type Bond Amount Cost*
$20,000 Financial Responsibility Bond Agent or Consultant $20,000 Starts at $200 GET A QUOTE
$20,001 Financial Responsibility Bond Life Settlement Provider or Life Settlement Broker $20,001 Starts at 1% GET A QUOTE
$1,000,000 Financial Responsibility Bond Surplus Lines Broker $1,000,000 Starts at 1% GET A QUOTE

We can provide your free surety bond quote within 1 business day of submitting your application. Call 1 (800) 308-4358, or request your bond online now!

Why do I need this bond?

By posting a Kentucky financial responsibility surety bond, principals (insurance professionals) agree to conduct business according to the Kentucky Revised Statutes referenced on the bond form. If a principal fails to do so, the bond protects those damaged by the principal’s actions. Harmed individuals can make a claim on the bond, and the surety will pay reparations up to the bond amount. The principal must then reimburse the surety for any claims paid.

For more information about insurance industry bonds in Kentucky, contact a surety expert online.

What’s the fine print?

Kentucky financial responsibility bonds remain in force until the principal’s license is revoked or otherwise terminated, or until the bond is canceled by the surety. The surety can cancel the bond by providing written notice of termination on Form 99-5 to both the principal and commissioner at least 30 days prior to the effective termination date.

All signatures on the bond form must be acknowledged by a commissioned notary public.

How to become an insurance professional in Kentucky

Licensing requirements vary depending on the type of financial responsibility duties the applicant wishes to perform. Available licenses include:

  • adjuster/apprentice
  • third party administrator
  • agent
  • consultant
  • life settlement broker/provider
  • managing general agent
  • reinsurance intermediary broker/manager
  • rental vehicle agent and managing employee
  • surplus lines broker

For complete licensing requirements, applicants should visit the Kentucky Department of Insurance website.

Take the first step to getting licensed as an insurance professional in Kentucky. Apply for your surety bond today!

Additional Resources

Kentucky Department of Insurance

Kentucky Department of Insurance: Forms and Documents

Kentucky Department of Insurance KRS: Laws and Regulations Chapter 304 - Insurance Code

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