The Maryland Auto Producer Bond is required by the Maryland Automobile Insurance Fund. The bond amount is $10,000. The bond states that the bondholder, in the course of doing business as Producer, shall account and pay all moneys belonging to the person entitled. This is in accordance with the provisions of Section 20-511 of the Insurance Article, Annotated Code and the Binding Rules of Maryland Auto. The bond must be issued by a surety company authorized to write business in the State of Maryland. Surety1 is licensed in all 50 states.
Authority to write business on behalf of the Fund is contingent upon the filing with the Fund of your Maryland Auto Producer Bond. The producer must maintain continuous coverage during the period that they are authorized to write business on behalf of the Fund.
What are the other Requirements in becoming a Maryland Auto Producer?
- Application for Authority to Transact Maryland Automobile Insurance Business.
- At least one valid appointment with a property and casualty insurance company.
- A separate Employee Addendum for each employee who solicits, negotiates or accepts insurance business from the public.
- Attendance at Maryland Auto’s New Producer/Private Passenger Training class.
Where can I get a Maryland Auto Producer 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. You may choose to have your Maryland Auto Producer Bond mailed through USPS Priority Mail or overnight delivery.
Surety1 has been issuing bonds in the State of Maryland since 2003. We continue to be rated A+ by the Better Business Bureau for our outstanding service.