Maryland Title Insurance Producer Bond Guide
If you’re applying to become a title insurance producer, you’ll need a surety bond. Learn how to get bonded in this complete guide.
Bond Overview
- Purpose: To guarantee compliance with state insurance laws
- Who Needs It: Individual title insurance producers
- Regulating Body: The Maryland Insurance Commissioner
- Required Coverage: $150,000
- Premium Rate: 0.5–10%, starting at $750
What Is a Maryland Title Insurance Producer Bond?
A Maryland title insurance producer bond, also known as an insurance administration title bond, protects customers from fraudulent business practices.
Specifically, this bond guarantees that title producers will properly account for and disburse all funds collected or owed while providing services.
How Much Do Title Insurance Producer Bonds Cost in Maryland?
Maryland title insurance producer bond rates start at $750 for the state-required $150,000 coverage.
Your personal credit score will impact your exact premium. Most applicants pay between $750 and $7,500. Apply for your free quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maryland Title Insurance Producer Bond Work?
This type of surety bond creates a financial contract between three parties:
- Principal: You, the title producer filing the bond
- Obligee: The Maryland Insurance Commissioner requiring the bond
- Surety: The provider issuing the bond
You are responsible for upholding the bond terms. If not, individuals harmed by your actions can file bond claims for reimbursement up to the $150,000 penal sum.
Who Needs a Title Insurance Producer Bond?
Any title insurance producer (TIP) in Maryland needs a $150,000 bond for statewide licensing.
A TIP includes any individual or business that sells, solicits, facilitates or negotiates title insurance contracts for property ownership transfers.
How Do I Get a Title Insurance Producer Bond in Maryland?
To get your Maryland TIP bond, apply for a free quote online. We’ll provide your personalized rate within one business day or less.
You can complete the purchase online or over the phone. We’ll mail the official documentation for you to file with the Insurance Commissioner.
Can I Get Bonded With Bad Credit?
Yes, you can likely still get bonded as a title insurance administrator in Maryland. We offer bad credit bonding to ensure 99% of applicants receive the bond they need.
How Do I Renew My Title Insurance Producer Bond?
These bonds expire annually. To renew, simply pay your renewal invoice online or over the phone. File any additional documentation if instructed to do so.
The surety can cancel the bond by providing 30-days written notice to the Insurance Commissioner of the State of Maryland.
