How much does an insurance adviser bond cost in Maryland?
Before becoming a licensed insurance adviser, all applicants must file a $1,000 surety bond with the Maryland Insurance Administration.
SuretyBonds.com issues these bonds instantly for just $100—no underwriting required! Simply click Buy Now and purchase your bond safely and securely using our online bond checkout. In just a few minutes you can be on your way to getting bonded as a Maryland insurance adviser.
|Bond Type||Bond Amount||Cost|
|$1,000 Insurance Adviser Bond||$1,000||$100|
Why do I need this bond?
Insurance advisers are required to be bonded pursuant to Maryland Insurance Code § 10-206. The submission of a bond issued in favor of the state guarantees that the adviser is held liable in the event that they fail to abide by the rules and regulations set forth in the Maryland Insurance Code.
If a valid claim is made against the principal’s bond, the surety will pay out up to the full amount of the bond in order to reach a settlement. Once the claim has been settled, it is then the responsibility of the principal to reimburse the surety.
What’s the fine print?
Maryland insurance adviser bonds are issued to be continuous for as long as the adviser wishes to remain licensed, and are renewed once upon the receipt of an annual premium. If the adviser fails to pay their renewal premium, the Administration may cancel their license. The surety also has the right to cancel the bond at any point during the term by providing the Administration with 30 days’ written notice.
How to become an insurance adviser in Maryland
Along with submitting a surety bond, the Administration requires all applicants to pay the applicable fee of $100 or $200 (§ 2-112 of the Insurance Article) and to fill out and submit the NAIC Uniform Individual Application.
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