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 underwriting for just $100. Simply click Buy Now to visit our secure bond checkout 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|
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
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