How much does a $20,000 surplus line broker bond cost in Washington?
Washington surplus line insurance broker surety bonds cost $200. A multi-year discount is also available. Simply click Buy Now to visit our secure bond checkout to purchase your bond online today. It only takes a few minutes to be on your way to getting bonded as a surplus line insurance broker in Washington
Why do I need this bond?
The Washington State Office of the Insurance Commission requires surplus line brokers to post a $20,000 surety bond.
Washington surplus line broker bonds ensure that principals (brokers) faithfully comply with the requirements of the Revised Code of Washington Title 48 Chapter 48.
This bond guarantees the surplus lines brokers comply with the law and protects clients from financial loss as a result of unethical business practices. If a surplus line broker conducts business unlawfully, the surety will cover the damages up to the full bond amount. The principal is responsible for paying the surety back.
What’s the fine print?
Surplus line broker bonds in Washington are continuous until canceled. The principal must pay the premium annually until the bond is canceled. The state requires surety companies to provide them with at least 30 days’ notice before canceling a bond.
How to become a surplus lines broker in Washington
To become licensed as a surplus line insurance broker, an applicant must meet the following criteria:
- Provide proof of passing score on surplus line exam
- Pay $205 licensing fee
- Submit $20,000 surety bond
