Wyoming Surplus Lines Broker Bond Guide
If you’re applying for a surplus lines broker license in Wyoming, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure brokers remit tax payments to the state and act ethically
- Who Needs It: All surplus lines insurance brokers in Wyoming
- Regulating Body: The Wyoming Insurance Department
- Required Coverage: $10,000
- Premium Rate: $175 for a 2-year term
Learn all about the bond requirements and process in this guide.
What Is a Wyoming Surplus Lines Broker Bond?
A Wyoming surplus lines broker bond ensures that insurance brokers follow state regulations and make surplus lines tax payments.
The Wyoming Insurance Department requires this bond as part of the licensing process for all non-admitted insurance brokers in the state.
How Much Do Surplus Lines Broker Bonds Cost in Wyoming?
A $10,000 Wyoming surplus lines broker bond costs a flat rate of $175 for the 2-year term. No credit check or application is required.
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SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Surplus Lines Broker Bond?
All brokers that work with surplus lines insurers must be licensed and bonded with the Wyoming Insurance Department. The surety bond ensures payment of surplus lines taxes and adherence to other licensing regulations.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Wyoming surplus lines broker bond instantly online. Just enter your information and checkout in minutes.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Wyoming Surplus Lines Broker Bond Work?
As with all surety bonds, a surplus lines broker bond creates a legal contract between three parties:
- Principal: You, the surplus lines broker filing the bond
- Obligee: The Wyoming Insurance Department requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the bond terms, including all provisions of the Wyoming Surplus Lines Law.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire every two years. To renew your surplus lines broker bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
