The South Dakota Surplus Lines Broker’s Bond is required by the South Dakota Division of Insurance at a required amount of $2,000. The bond states that the bondholder should follow all of the insurance laws of the State of South Dakota and should also pay to the State of South Dakota any and all money that may become due or owing to the State.
Who is required to have a Surplus Lines Broker Bond?
The surplus broker bond is needed by any person writing business through insurance companies not licensed in South Dakota. Including Risk Purchasing Groups and Risk Retention Groups that are required to have a Surplus Lines Broker license.
- Application through Sircon
- $2,000 surety bond. This bond must be issued by a surety company that is licensed to do business in the state of South Dakota.
- Payment of $50 for the license fee
What is the process for obtaining a South Dakota Surplus Lines Broker’s Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.