The Virginia Title Insurance Settlement Agent Bond is required by the Commonwealth of Virginia to be in the amount of $200,000.
Who is required to get this bond?
The bond is required for any person, other than the lender, seller, purchaser or borrower, who conducts the settlement conference and receives or handles money. They must be registered and a surety bond is one of the requirements.
The bond states that the bondholder, or principal, shall be registered with the Virginia State Corporation Commission, Bureau of Insurance to act as a settlement agent and shall act in such capacity in full compliance with the provisions of the laws of the Commonwealth of Virginia and rules, regulations, and orders prescribed by the State Corporation Commission pertaining to Settlement Agents.
In order to find out the cost of the surety bond, all we need is the completed application. Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price!
Additional License Requirements
- Take a pre-licensing course of 16 hours
- Pass the Title examination
- Have an Errors and Omissions policy in the amount of $250,000
- Blanket Fidelity Bond of Employee Dishonesty Insurance policy in the amount of at least $100,000
The registration may be done online at http://www.scc.virginia.gov/boi/online.aspx
How do I obtain a Virginia Title Insurance Settlement Agent 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.