New Jersey Surplus Lines Producer Bond

A New Jersey Surplus Lines Producer Bond is a type of surety bond required by the New Jersey Department of Banking and Insurance (DOBI). The surety bond is required for any individual or business that places surplus lines insurance in New Jersey. Surplus lines insurance is insurance that is not available from admitted insurance carriers, which are insurance companies that are licensed to do business in the state. Here are some specific examples of who needs a New Jersey Surplus Lines Producer Bond:

• Insurance brokers who place surplus lines insurance for their clients
• Wholesale insurance brokers who place surplus lines insurance for other brokers
• Managing general agents who place surplus lines insurance for their own accounts

The bond guarantees that the producer will comply with all applicable insurance laws and regulations, including the New Jersey Surplus Lines Insurance Law. The The amount of a New Jersey Surplus Lines Producer Bond is $25,000 and the cost is usually between and 1% and 3% of the bond amount.

How to Get a New Jersey Surplus Lines Producer Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the New Jersey Surplus Lines Producer 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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How to Get a New Jersey Surplus Lines Producer License

To obtain a New Jersey Surplus Lines Producer License, you must follow these steps:

1. Meet the Eligibility Requirements:
   • Be at least 18 years old
   • Have a high school diploma or equivalent
   • Be a resident of New Jersey or an adjoining state
   • Have a clean criminal record
   • Pass a background check

2. Complete the Pre-Licensing Education Course: Enroll in and complete an approved pre-licensing education course covering surplus lines insurance laws and regulations.

3. Pass the New Jersey Surplus Lines Producer Licensing Exam: Schedule and take the New Jersey Surplus Lines Producer Licensing Exam administered by PSIexams.com.
   • The exam consists of 70 multiple-choice questions and has a time limit of 180 minutes.
   • A passing score of 80% is required.

4. Submit the License Application: Obtain and complete the New Jersey Surplus Lines Producer License Application Form. Attach all required documentation, including:
   • A completed and notarized background investigation form
   • Two passport-sized photographs
   • A copy of your pre-licensing education course completion certificate
   • A copy of your New Jersey Surplus Lines Producer Licensing Exam score report
   • A $70 application fee

6. Obtain a $25,000 New Jersey Surplus Lines Producer Bond
7. Send the completed license application, required documentation, and proof of surety bond to the New Jersey Department of Banking and Insurance (DOBI).

Please note that these are general guidelines, and the specific requirements may vary. It is always advisable to consult with the New Jersey DOBI for the most up-to-date information and procedures.