Surplus lines broker Surety Bonds guarantee that surplus line broker agents will act in accordance with laws. These bonds work for the consumer and ensure that agents will report all amounts collected correctly. A Surety Bond is important to consumers who purchase surplus lines insurance for the same reason all surety bonds are important: they protect the consumer’s investment. Surplus lines broker Bonds are especially important because, in most states, the Insurance Guaranty Association does not protect surplus lines policies. Therefore, claims would likely go unpaid if the insurance company becomes financially unstable. However, since surplus lines brokers are required to purchase a surplus lines broker Bond, the consumer is protected in the event that the company defaults. Surplus lines broker Bonds are required in the state of Alabama, and this Bond requirement is mandated by the Alabama Department of Insurance.
Call us at (855) 952-6633 to speak with a Surety Bond Expert
What happens after I apply online for my Surety Bond?
Step #1: A Surety Bond underwriter will immediately review your application, if it has been fully completed.
Step #2: A friendly Surety Bond expert will reach out to you to explain your quote or request additional information.
Step #3: Once you accept your quote and pay any premium due, your Surety Bond will be issued and delivered immediately.