The Texas Department of Insurance requires the Texas Surplus Lines Agents Bond. Surplus lines agents “fill the need for coverage in the marketplace by insuring those risks that are declined by the standard underwriting and pricing processes of admitted insurance carriers.” In the State of Texas, Surplus Line Agents are required to post a surety bond as a part of the licensing process. The Texas Surplus Lines Agents Bond must in the amount of $50,000.
The bond states that the bond holder will discharge his or her legal liability to the Texas Department of Insurance. He or she will do this in respects to collection and payment of gross premium taxes. He or she will discharge legal liability to insureds as respects the payment of any final judgement which will impose liability in response to a transaction. This will happen with insureds under a policy of surplus lines insurance under Texas Insurance Code and the rules of the Texas Department of Insurance relating to surplus lines insurance.
At Surety1 we make it easy to obtain all the surety bonds you need. First step, utilize our state of the art, easy to use, online application and apply for the bond. Within 1 business day, one of our surety professionals will contact you with a no obligation quote for the bond. Then, sign some paperwork, make payment (all major credit cards are accepted) and your bond will be mailed to you for signature. Overnight shipping is available.
Surety1 is part of AssuredPartners, one of the nation’s largest and fastest growing insurance agencies. Surety1 is licensed in all 50 states and has been providing all types of surety bonds in Texas since 2003. The company maintains an A+ rating from the Better Business Bureau and represents over a dozen, “A” rated surety bond companies.