Vermont Insurance Consultant Bond
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How much does a $5,000 insurance consultant bond cost in Vermont?
Vermont insurance consultant surety bonds cost $100 and are issued instantly. A 25% discount is available for subsequent years if multiple years of coverage are purchased. Simply click Buy Now to purchase you bond online using our secure bond checkout. In just a few minutes, you can be on your way to being bonded as an insurance consultant in Vermont.
Why do I need this bond?
The Insurance Division of the Vermont Department of Financial Regulation is the entity responsible for licensing insurance consultants in Vermont—part of which includes obtaining a $5,000 surety bond.
Every applicant who wishes to become an insurance consultant in Vermont is required to purchase a bond pursuant to 8 V.S.A. § 4802. The bond is required to guarantee that no harm shall befall the state, or residents thereof, due to any misconduct on the part of the licensee.
In the event that the licensee does fail to abide by all applicable rules established by the Vermont Statutes, a claim may be made against the bond. If the surety pays any money to settle the claim, it is the licensee’s responsibility to fully reimburse the surety.
What’s the fine print?
Vermont insurance consultant bonds remain in full force for as long as the consultant keeps their license active. An annual premium must be paid to the surety in order for the bond to be renewed, and failure to do so may result in license revocation.
The surety also reserves the right to cancel the bond at any point during the term by providing the Commissioner with written notice at least 60 days in advance.
How to become an insurance consultant in Vermont
As well as submitting a surety bond to the Department, applicants must also comply with the following requirements prior to providing consultations:
- Must be at least 18 years of age
- Demonstrate competence, trustworthiness, and financial responsibility
- Pass producer examination
- Submit written agreement to be used with clients outlining nature of work to be performed and description of fee structure
- Submit license application and pay applicable fees