Washington Discount Plan Organization Bond Guide
If you’re applying for a discount plan organization registration in Washington, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect discount plan participants from financial harm
- Who Needs It: All discount plan organization licensees
- Regulating Body: The Washington Office of the Insurance Commissioner
- Required Coverage: $35,000 minimum
- Premium Rate: 1–10%, credit-based
Learn all about the bond requirements and process in this guide.
What Is a Washington Discount Plan Organization Bond?
A Washington discount plan organization bond protects the financial interests of plan members if an organization mishandles funds or dues.
How Much Do Discount Plan Organization Bonds Cost?
Washington discount plan organization bonds cost a small percentage of the required coverage amount, typically 1–10%.
For example, $35,000 bond premiums start at just $350. Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Discount Plan Organization Bond?
The Washington Office of the Insurance Commissioner requires this bond as part of the licensing process for discount plan organization owners in the state.
You can also deposit cash or other securities worth at least $35,000 in lieu of the surety bond. However, a bond is typically the most cost-efficient financial security option.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Washington discount plan organization bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file it with the Insurance Commissioner as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Washington Discount Plan Organization Bond Work?
A discount plan organization bond creates a legal contract between these three parties:
- Principal: You, the discount plan organization owner filing the bond
- Obligee: The Washington Office of the Insurance Commissioner requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of The Washington Health Care Discount Plan Organization Act.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your discount plan organization bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
