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The Virginia State Corporation Commission, Bureau of Insurance requires that insurance premium finance companies be licensed and obtain the Virginia Insurance Premium Finance Company Surety Bond. The amount of the bond is set at $50,000. Unlike insurance, the surety bond is to protect your clients from any harm or wrongdoing by your company. If there is a claim placed on your bond and you are found at fault, the surety company will payout. However, you will have to pay them back.

Are there any additional requirements that must be submitted to receive the bond?

• Completed application form
• Individual Questionnaires 
• Financial statements 
• Approval of Forms – Insurance Premium Finance Contract, Notice of Overdue Payment or Intent to Cancel, Notice of Cancellation
• Plan of operation
• For corporations, the applicant must secure a Certificate of Incorporation from the Clerk of the State Corporation Commission. Foreign corporations must get a Certificate of Authority from the Clerk of the State Corporation Commission.

How do I obtain a Virginia Insurance Premium Finance Company 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.