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What is a Maryland Surplus Lines Broker Bond?

The surety bond is an important requirement for any surplus lines broker who wants to operate in Maryland. The purpose of this insurance policy, which must be approved and submitted by the Insurance Commissioner before it can go into effect on behalf of your company or Individual Reporting Person (IRP), will ensure that you complies with all applicable laws regarding premium tax remittance as well as maintain proper records during business hours at premises where premiums are collected from customers each year.

Do you need a Maryland Surplus Lines Broker Bond?

This bond is required by the state of Maryland in order to become a licensed surplus lines broker.

Obtaining this bond is an important step in becoming a licensed surplus lines broker. It shows that you are serious about protecting the public and meeting all requirements set forth by the state.

Apply now for your Maryland Surplus Lines Broker Bond today!

Why is the Maryland Surplus Lines Broker Bond required?

Businesses must purchase a bond to activate their license or permit. This guarantees that if the business fails to comply with licensing and permit laws, they will be compensated by the surety company for any damages incurred due this negligence. See a Bowie, MD-Erosion and Sediment Control Bond.

How does a Maryland Surplus Lines Broker Bond work?

Getting a Maryland Surplus Lines Broker Bond means you agree with the entity requiring it, called the obligee. Your surety company agrees to cover for you in case your clients or public make claims against their contract and need payment from your bond. If there’s ever any problems on either side of this agreement, only then will we get involved so that both parties can be satisfied. Have a Maryland Consumer Reporting Agency Bond ($100,000) – NMLS.

How much does a Maryland Surplus Lines Broker Bond cost?

Maryland Surplus Lines Broker Bond is a type of surety bond that varies in cost and depends on the credit score of the applicant. Sometimes, personal or business financials may be required depending on what surety amount is needed for bonding purposes.

Can I get a Maryland Surplus Lines Broker Bond with bad credit?

Swiftbonds offers a wide-range of approvals, regardless of credit history or bad credit. One key factor in our success is that we are able to work with 99% of applicants who have been turned down elsewhere due to their poor financial standing. Our knowledgeable underwriting staff will make sure you get the lowest possible price for your bond no matter what personal circumstances may be preventing you from getting approved for other companies' bonds. Get a Maryland Hauling Performance Bond.

How to get your Maryland Surplus Lines Broker Bond?

Would you like to know the first step in getting your Maryland Surplus Lines Broker Bond? It's super easy! Fill out our quick online application and get a no obligation quote today. Our Underwriters will contact you within an hour of submission, or come chat with them on the phone for help applying. Need a Maryland Insurance Administrator Title Producer Bond ($150,000).

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