Ohio Surplus Lines Broker Bond Overview
- Purpose: To protect the state and consumers from fraudulent activity by an insurance broker
- Who Needs It: All surplus insurance lines brokers in Ohio
- Regulating Body: The Ohio Department of Insurance – Licensing Division
- Bond Amount: $25,000
- Premium Price: $250 for a 1-year term
What Is an Ohio Surplus Lines Broker Bond?
An Ohio surplus lines broker bond secures consumer investments if a broker defaults. It also holds insurance brokers accountable for correctly reporting all collections.
The surety bond protects clients and the state from financial harm by financially backing the surplus lines broker up to $25,000.
How Much Do Surplus Lines Broker Bonds Cost in Ohio?
The $25,000 surplus lines broker bond costs $250 for a one-year term. Or you can get a three-year term for $625 — saving 25% and time on renewals. Click below to buy online in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Ohio Surplus Lines Broker Bond Work?
As with all surety bonds, this creates a legally-binding contract between three parties: a principal, obligee and surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The surplus lines broker |
| 2) Obligee | The Ohio Department of Insurance – Licensing Division |
| 3) Surety | The issuing surety provider |
When you file the bond as the principal, you promise the obligee that you will uphold the terms of the bond. This includes following all state laws, rules and regulations outlined in the contract.
What happens if you break these terms? Your clients or the state can file claims on the bond for reimbursement. The surety will pay valid claims, but you then have to repay the surety.
How Do I Get a Surplus Lines Broker Bond in Ohio?
To get your bond, just checkout online by entering your information on this page. We’ll email your official Ohio surplus lines broker bond form in minutes. If you don’t see it right away, please check your junk folder.
How Fast Can I Get My Bond?
You can get your bond in just 5–10 minutes total. SuretyBonds.com offers one of the fastest and easiest bonding experiences in the nation.
Can I Get Bonded With Bad Credit?
Yes, Ohio surplus lines broker bonds are available to all applicants at a flat rate with no credit check. Bad credit — no problem!
How Do I Renew My Surplus Lines Broker Bond?
You can select a one-, two-, or three-year term for your Ohio surplus lines insurance broker bond. Before the term expires, you’ll get reminders to renew your bond.
Pay the renewal invoice online or over the phone. Then, we’ll provide a continuation certificate which you need to file with the DOI to maintain coverage. As long as you hold a license, you must have an active bond.
Can I Make Changes to My Bond?
If basic information on your existing bond form needs changed, our team may be able to update it without issuing a new bond.
Email [email protected] outlining the changes. If eligible, we’ll issue a bond rider document that amends the current bond. This is completely free of charge — you’ll only pay shipping.
How to Get a Surplus Lines Broker License in Ohio
First, you’ll need to be registered with the Ohio Secretary of State and have a casualty license and property license. Then, you can follow these steps to apply for an Ohio surplus lines broker license:
- File a $25,000 surety bond
- Complete state and federal background checks
- Submit the individual or business entity application form online or by mail
- Pay the $100 filing fee via check, card or ACH
Submit all materials, including your surety bond, background checks, and proof of licensure, with your application. Otherwise, it will be marked as incomplete.
