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In Arizona, any individual or entity licensed as an insurance broker is required to obtain an Arizona Insurance Broker Bond. This includes both resident and non-resident brokers who solicit, negotiate, or sell insurance contracts in Arizona. The bond amount is $1,000 and is intended to protect the state and consumers from financial losses if the insurance broker engages in any illegal or fraudulent activities. The cost of the bond is $150.00. Multi year discount may be available. This is a type of surety bond required by the Arizona Department of Insurance.
How to get an Arizona Insurance Broker Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Arizona Insurance Broker Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
The purpose of the Insurance Broker Surety Bond is to:
- Protect the state from financial losses: If an insurance broker engages in any illegal or fraudulent activities, the state of Arizona can file a claim against the bond. This can help to recoup any losses that the state has suffered as a result of the broker’s actions. If the surety company pays a claim on the bond, it will seek restitution from the bond principal (licensee).
- Protect consumers from financial losses: Consumers who have been harmed by an insurance broker’s actions can file a claim against the bond. This can help to recover any losses that they have suffered.
- Enhances the ethical standards of the insurance industry: By requiring insurance brokers to obtain a surety bond, the state of Arizona is sending a message that it is serious about enforcing insurance laws and regulations. This helps to create a more trustworthy environment for consumers.
Here are some specific examples of individuals and entities who need an Arizona Insurance Broker Surety Bond:
- Individual insurance brokers: Any individual who is licensed to sell insurance products in Arizona is required to obtain a Surety Bond.
- Insurance agencies: Insurance agencies that are licensed to sell insurance products in Arizona are required to have a Surety Bond in place for each of their licensed brokers.
- Insurance companies: Insurance companies that are licensed to do business in Arizona are required to have an Insurance Broker Bond in place for each of their licensed brokers who operate in Arizona.