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Maryland Surplus Lines Broker Bond

How much does a surplus lines broker bond cost in Maryland?

The State of Maryland Insurance Administration requires surplus lines brokers to post a $10,000 bond.

SuretyBonds.com issues these bonds instantly with no credit check for just $100. Simply click “Buy Now” to visit our secure payment portal where you can buy your bond directly through our site. In just a few minutes you can be on your way to getting bonded as an insurance broker in South Carolina.

Bond Type Bond Amount Cost
$10,000 Surplus Lines Broker Bond $10,000 $100
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

Licensed surplus lines brokers work with surplus line insurers to bring insurance coverage to clients looking for low- or sub-standard risk policies. This bond guarantees the surplus lines broker’s compliance with the law and protects clients from financial loss as a result of unethical business practices.

What’s the fine print?

Surplus lines broker bonds in Maryland are continuous until canceled. The state requires surety companies to provide them with at least 30 days’ notice before canceling a bond. Nonresidents are exempt from the bond requirement.

All applicants requesting a Surplus Lines Broker Certificate of Qualification must also hold an active producer license with the Property and Casualty lines of authority at the time of application, whether it is for an initial or renewal application.

How to become a surplus lines broker in Maryland

To be approved for a Certificate of Qualification, applicants must be able to provide the following:

  • a fee of $100 or $200 depending on the expiration of the underlying producer’s license
  • a $10,000 surety bond
  • a copy of the Maryland Insurance Administration Supplement
  • certified copy of the applicant’s most recent annual statement
  • certificate of compliance from domiciliary jurisdiction
  • non-refundable filing fee of $1,000
  • $1,000 fraud fee assessment, made payable to the Maryland Insurance Administration

Ready to get started?

Maryland Insurance Administration Surplus Lines Broker Bond Form

Maryland Insurance Administration Surplus Lines Broker Licensing Instructions

Maryland Insurance Administration: Surplus Lines Brokers Licensing

Maryland Code Title 3, Subtitle 3: Surplus Lines Insurance

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