How much does a surplus line broker bond cost in Ohio?
The Licensing Division of the Ohio Department of Insurance requires surplus line brokers to post $25,000 surety bonds.
SuretyBonds.com issues these bonds instantly for just $250—no underwriting required! 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 being bonded as a surplus lines broker in Ohio.
|Bond Type||Bond Amount||Cost|
|$25,000 Surplus Line Broker's Bond||$25,000||$250|
Why do I need this bond?
Ohio surplus line insurance broker bonds ensure that principals (brokers) comply with Sections 3905.30 through 3905.35 of the Ohio Revised Code. Specifically, bonded brokers pledge to file a sworn statement of the gross premiums charged for insurance procured or placed and the gross premiums on insurance canceled during the previous calendar year with the Superintendent of Insurance in January of every year. The principal also pledges to pay the superintendent an amount equal to five percent of the balance of such gross premiums after deducting return premiums at the time of filing.
What’s the fine print?
Surplus line broker’s bonds in Ohio are continuously effective until canceled. The surety can cancel the bond by giving proper notice to the Department of Insurance.
This bond is conditioned for the benefit of both the Department of Insurance and the people of Ohio. The bond must be maintained as long as the applicant conducts surplus line broker business.
How to become a surplus lines broker in Ohio
To become licensed as a surplus line broker in Ohio, applicants must complete a license application on the form supplied by the Department. The following information must be included with the application:
- Resident or non-resident broker
- Applicant name, social security number, address, and contact information
- Business entity name, address, and contact information
- Applicant mailing address, if different than business location
- All trade names under which business will be conducted
- Agency or business entity affiliations
- Employment history
- Convictions of any crime relating to business of surplus line insurance brokerage
- Proof of $25,000 bond
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