The Rhode Island Surplus Line Broker Surety Bond is required by the Department of Business Regulation in the amount of $25,000. The bond states that the bondholder, or Principal, shall provide any and all services requested of a surplus lines broker in accordance with R.I. Gen. Laws §§ 27-2.4-1 et seq. and 27-3-38 through 27-3-41.
What is a Surplus Line Broker?
When a business (or other entity) can not obtain coverage from a insurer licensed in Rhode Island they obtain coverage from a Surplus Lines insurer. The broker serves as the middleman.
What are the requirements Rhode Island Surplus Line Broker License?
The application for the Surplus Line Broker License is done through the NIPR website. Aside from the complete online application, the following must also be submitted:
- A copy of the original passed exam results
- A copy of the background report from the Rhode Island Attorney General’s office
- Payment of $120 for the license fee
For nonresidents, there is no need for a bond or examination, but the fee is now at $130.
Where can I get a Rhode Island Surplus Line Broker Bond?
To apply for your Rhode Island Surplus Line Broker Bond, simply complete the easy to navigate, free online application form. Within one to two business days, you will hear from one of our surety agents with a no obligation quote for the bond.
Should you decide to get your bond from us, you will just need to pay the bond premium and sign any necessary paperwork. We will then send the bond via USPS Priority mail. Overnight delivery is available, for an additional cost.
Surety1 started in 2003 and continues to issue surety bonds to all 50 states. Our fast and reliable service has earned us not only loyal clients but even an A+ rating from the Better Business Bureau. Contact us today at 877-654-2327 to talk to one of our friendly agents.