An Ohio Surplus Lines Broker Bond is a type of surety bond required by the Ohio Department of Insurance for individuals or businesses who want to obtain a surplus lines broker license in the state. It serves as a financial guarantee that the licensee will comply with all applicable laws and regulations governing surplus lines insurance. The bond amount is $25,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get an Ohio Surplus Lines Broker Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Surety Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
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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 to Get an Ohio Surplus Lines Broker License
Getting an Ohio Surplus Lines Broker license involves several steps and requirements. Here’s a breakdown of the process:
- Eligibility:
- You must already hold both a property and casualty insurance license in good standing within the state of Ohio.
- You must be a resident of Ohio or a business entity legally authorized to do business in the state.
- Application Process:
- Choose the appropriate application:
- If you’re an individual, use the Individual Surplus Line Broker Application (INS3245).
- If you’re a business entity, use the Business Entity Surplus Line Broker Application (INS3223).
- Complete the application: Fill out the application form thoroughly and accurately, attaching all required documents and fees.
- Obtain a $25,000 Ohio Surplus Lines Broker Bond: This bond guarantees your compliance with state regulations and protects policyholders.
- Pass the National Surplus Lines Broker Exam: This exam tests your knowledge of surplus lines insurance laws and regulations. You can find information and register for the exam through the National Association of Insurance Commissioners (NAIC) website.
- Submit your application package: This includes the completed application form, bond, exam results, and any other required documents to the Ohio Department of Insurance.
- Choose the appropriate application:
Additional Resources:
- Ohio Department of Insurance Surplus Lines License Information: https://insurance.ohio.gov/companies/surplus-lines/resources/surplus-lines: https://insurance.ohio.gov/companies/surplus-lines/resources/surplus-lines
- Individual Surplus Line Broker Application: https://insurance.ohio.gov/static/Forms/Documents/INS3245.pdf: https://insurance.ohio.gov/static/Forms/Documents/INS3245.pdf
- Business Entity Surplus Line Broker Application: https://insurance.ohio.gov/static/Forms/Documents/INS3223.pdf: https://insurance.ohio.gov/static/Forms/Documents/INS3223.pdf
- National Association of Insurance Commissioners (NAIC) Surplus Lines Broker Exam: Website
Important Notes:
- Processing times for applications can vary. Make sure to submit your application well in advance of your desired start date.
- Fees are associated with the application process and exam. Check the Ohio Department of Insurance website for current fee information.
- It’s recommended to consult with an insurance professional or attorney specializing in insurance licensing for guidance and assistance throughout the process.
How to Get Your Ohio Surplus Lines Broker Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.