Michigan Insurance Broker | $10,000 Insurance Broker Surety Bond
Also known as: insurance broker bond
Type of Bond
An insurance broker bond, also known as an insurance producer bond or a surety bond, is a type of financial guarantee required for insurance brokers or agents to obtain a license in many states. It is a contractual agreement among three parties: the insurance broker (the principal), the insurance company (the obligee), and the surety bond provider (the surety). The purpose of an insurance broker bond is to protect the clients of the insurance broker by ensuring that the broker operates ethically and within the bounds of the law. It provides a form of financial protection in case the broker engages in fraudulent or dishonest practices, such as misappropriating client funds or failing to fulfill contractual obligations. If a client suffers financial losses due to the actions of an insurance broker, they can file a claim against the bond. The surety bond provider will investigate the claim and, if valid, compensate the client up to the bond's specified amount. However, the insurance broker is ultimately responsible for reimbursing the surety for any claims paid out. The bond also serves as a regulatory tool, as it helps weed out unscrupulous insurance brokers from the industry. It gives potential clients confidence that the broker has met certain financial standards and has the necessary safeguards in place. The specific requirements for insurance broker bonds can vary by state, including the bond amount and the process for obtaining and renewing the bond. It is essential for insurance brokers to understand the bond requirements in their jurisdiction to ensure compliance and maintain their licensing status.
Program
The price you'll pay for your $10,000 Insurance Broker Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!
We provide all types of $10,000 Insurance Broker Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.
Application
The application process for a $10,000 Insurance Broker Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Insurance Broker Bond Application process.
The Michigan Insurance Broker Bond amount is currently set at $10,000.
Obligee Information
An obligee is the entity that is requiring you to have the Insurance Broker bond.
Obligee: State Of Michigan
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!