The California Bond of Special Lines’ Surplus Line Broker is required by the State of California, Department of Insurance for any entity wishing to obtain a license in this field.
A Special Lines’ Surplus Line Broker is a person who places the following types of insurance with non-admitted insurers:
- Insurance against perils of navigation, transit or transportation upon hulls, freights or disbursements, or other shipowner interests
- Aircraft insurance
- Insurance on property or operations of railroads engaged in interstate commerce
What are the requirements in order to be a Special Lines’ Surplus Line Broker in California?
The CA Department of Insurance requires any Special Lines’ Surplus Line Broker, whether resident or non-resident, or individual or business entity, to obtain a license in order to operate.
The application requirements will vary slightly based on the applicant type (resident/non-resident, individual/business entity). Detailed application instructions for each applicant type can be found on the California Department of Insurance website.
One of the application requirements for all applicant types is a $10,000 California Bond of Special Lines’ Surplus Line Broker issued by a surety company licensed in California.
- Note: Surety1 operates out of California and works with over a dozen “A” rated surety markets that are licensed in California!
What is the purpose of a California Bond of Special Lines’ Surplus Line Broker?
This bond exists to help ensure that the broker will account to any person requesting to obtain insurance, for money or premiums collected by him, his solicitors, or his employees, for insurance other than life. It ensures that the public and those who do business with the Special Lines’ Surplus Line Broker will be protected from financial harm and losses, fraud, deceit, and unlawful omissions or acts on behalf of the broker, its employees, agents, and representatives.
Unlike insurance, the bond principal (the licensee), must repay the surety company for any losses incurred from claims made on the bond.
Where can I get a California Special Lines Broker Surety Bond?
In order to obtain this bond, simply fill out our free online application! One of our licensed agents will contact you within one business day with a quote for the price to obtain your bond (the “premium”). If you choose to move forward after receiving your quote, we will have you sign any necessary paperwork and remit the premium payment, at which time we will ship your bond to you via USPS Priority Mail (with overnight shipping options also available).
Why choose Surety1?
At Surety1, our agents work with over a dozen “A” rated surety markets to ensure we are finding you the lowest price for your bond. We’ve been issuing surety bonds since 2003 and our quality, reliable service has led us to an A+ rating by the Better Business Bureau! Licensed in all 50 states.