The Maine Surplus Lines Bond is required by Maine’s Bureau of Insurance. The bond amount is $20,000. According to Maine’s Revised Statutes 24-A, all applicants for a Surplus Line Authority must file a bond.
What is the purpose of a Maine Surplus Lines Bond?
The bond states that the bondholder, in accordance with Title 24-A of the Maine Revised Statues, complies with all requirements of 24-A.M.R.S.A. Producer’s shall be conditioned to provide full accounting and due payment of funds coming into the producer’s possession through insurance transactions under said license.
Aside from the bond, applicants must submit a completed application form. Incomplete applications may be returned. In addition, include payment in the amount of $165 which will cover both the license and application fee. The fee is the same whether you are a resident or nonresident of the state.
Take note that residents must first be licensed for Property and Casualty before they can apply as a Surplus Lines Producer. For additional information necessary to apply for Surplus Lines eligibility, annual reporting or change of status, refer to The Maine Bureau of Insurance.
Where can I obtain a Maine Surplus Lines Bond?
At Surety1, we make things easy for you. Start the process by completing our easy-to-navigate, free online application form. After that, one of our surety agents will contact you with a no-obligation quote for the bond premium. Once you decide to move forward with us, you just need to pay the bond premium and choose your shipping options. Your Maine Surplus Lines Bond can be mailed through USPS Priority Mail or overnight delivery for an additional fee.
Our company, Surety1 is licensed to issue surety bonds in all 50 States and we have been doing so since 2003. We are also licensed in all other states. We continue to be rated A+ by the Better Business Bureau for our outstanding service.