An Alabama Surplus Lines Broker Surety Bond is required by the Alabama Commissioner of Insurance. The bond helps ensure that the broker will conduct business within the rules and regulations of the State of Alabama; in doing so, the bond helps protect consumer’s investments. This bond is required to sell surplus lines insurance. The bond amount is required to be $50,000.
According to the Code of Alabama 1975 Section 27-10-20, if certain insurance coverages cannot be procured on the terms set by authorized insurers, the “surplus lines” may be obtained from unauthorized insurers provided that they are obtained from a licensed surplus line broker. The people who can be licensed as a surplus line broker are those that are already licensed as a resident insurance producer and have had enough experience in the industry.
Those who would like to be licensed as a surplus line broker must submit an application form provided by the State of Alabama Department of Finance. Aside from that, the applicants must also file a surety bond in the penal sum of $50,000. This is to ensure that the broker will conduct his or her business according to the provisions of the surplus insurance law.
Surety Solutions Insurance Services, Inc. (surety1) can provide an Alabama Surplus Line Broker Surety Bond for you. We have been issuing surety bonds in the state since 2003 and are licensed in for all 50 states. One stop for all your surplus lines surety bonds. Surety1 carries an A+ rating by the Better Business Bureau and represents over a dozen “A” rated surety bond carriers.
The process is easy. All you need to do is complete this easy to navigate, online application form and within 1 business day one of our experts to call you with a firm quote. Simply make the payment, complete some paper work and you Alabama Surplus Lines Surety Bond will be mailed to you right away.