The Maine Third Party Administrator Bond is required by Maine’s Treasurer of State. The bond states that the bondholder shall comply with all the requirements of the Maine Insurance Code, Title 24-M.R.S.A.1901-1912. In addition, there should be full accounting and due payment to the person entitled from funds coming into possession of the principal.
The minimum bond amount is $50,000. Calculate the amount of your Third Party Administrator bond by adding the projected premiums collected/received and the claims paid. Then multiply by .05.
Applicants must ensure that the surety company issuing the bond is licensed to operate in the state of Maine. Surety1 is licensed in all 50 states. We represent over a dozen surety bond markets and can write your bond at a competitive price.
To start the process, complete our free online application form. After that, one of our licensed surety agents with a no-obligation quote for your bond premium. Next, when you’re ready to proceed, we’ll collect the premium payment and have you sign all the necessary paperwork. Lastly, your Maine Third Party Administration bond will be mailed using USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety Solutions Insurance Services, Inc. (Surety1) is licensed in all 50 states and has been providing surety bonds in Maine since 2003. A+ rating from the Better Business Bureau.