Maine Insurance Consultant's License Bond Guide
If you’re applying for a consultant license in Maine, you’ll need to file a surety bond. Learn all about the process for insurance consultants in this guide.
Bond Overview
- Purpose: To protect consulting clients from potential fraud or unethical practices
- Who Needs It: Licensed insurance consultants in Maine
- Regulating Body: The Maine Bureau of Insurance
- Required Coverage: $20,000
- Premium Rate: $200 for a 1-year term
What Is a Maine Insurance Consultant's License Bond?
A Maine insurance consultant bond is required to be licensed with the Bureau of Insurance. It protects clients and the state from financial harm if a consultant acts illegally or unethically.
How Much Do Insurance Consultant Bonds Cost in Maine?
You can get your $20,000 Maine insurance consultant’s license bond for $200 instantly online. Or, you can select a multi-year term to save 25%.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maine Insurance Consultant's License Bond Work?
This type of surety bond creates a legal contract between three parties:
- Principal: The insurance consultant filing the bond
- Obligee: The Bureau of Insurance requiring the bond
- Surety: The provider issuing the bond
This bond holds you financially responsible for upholding Maine Revised Statutes Title 24-A, Chapter 16.
If you break these terms, harmed parties can file bond claims to cover financial losses. The surety will pay valid claims, but you must reimburse the surety in the end.
How Do I Get an Insurance Consultant's License Bond in Maine?
SuretyBonds.com creates the fastest and easiest bonding process for consultants in Maine.
Simply enter your information and checkout online in minutes. We’ll email you the official bond form within five minutes of purchase.
How Do I Renew My Insurance Consultant's License Bond?
These bonds expire annually, unless you select a multi-year term. We’ll contact you with renewal reminders starting 90 days before the expiration date.
Just pay your renewal invoice and avoid bond claims to extend your bond coverage for additional terms.