The Ohio Surplus Lines Broker Bond is required by the State of Ohio, Department of Insurance, in the amount of $25,000. The bond states that the bondholder shall faithfully comply with Sections 3905.30 to 3905.35 of the Ohio Revised Code. It says the bondholder shall annually file with the Superintendent of Insurance a sworn statement of the gross premiums charged for insurance procured or placed, and, the gross premiums on such insurance canceled during the year. Payment shall be made at the time of filing, to the Superintendent, in an amount equal to 5% of the balance gross premiums after deducting return premiums.
What is a Surplus Lines Broker?
Surplus lines brokers are individuals and business entities who wish to place business with an approved surplus lines company. First they must obtain a surplus lines license from the Ohio Department of Insurance. A Surplus Lines license allows the person named in the license to negotiate and obtain insurance on property or persons in the state from insurers who are not authorized to transact business in this state.
How do I become a licensed Surplus Lines Broker?
Before you can be a surplus lines broker, you must first have a Property & Casualty license. After that, complete the Individual Surplus Line Broker License application form.
Where can I get the Surety 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, pay the bond premium and choose your shipping options. You may choose to have your Ohio Surplus Lines Broker Bond mailed through USPS Priority Mail or overnight delivery.
Surety1 has been in the business since 2003. We are licensed in all 50 states and our services have earned an A+ rating from the Better Business Bureau.