Illinois Insurance Producer | $250,000 Insurance Producer Surety Bond
Also known as: insurance producer bond
Type of Bond
In Illinois, an insurance producer bond refers to a type of surety bond that is required for individuals or businesses seeking to obtain or renew their insurance producer license. An insurance producer bond serves as a financial guarantee for the state and consumers. It is a contractual agreement involving three parties: the insurance producer (principal), the state regulatory authority (obligee), and a surety company. The purpose of the bond is to ensure that the insurance producer operates in compliance with applicable laws, regulations, and ethical standards while conducting insurance business. By obtaining an insurance producer bond, the producer demonstrates their commitment to fulfilling their responsibilities, such as accurately representing insurance policies, protecting consumers' interests, and complying with licensing and regulatory requirements. The bond provides protection for consumers in case the producer fails to meet their obligations or engages in fraudulent or unethical practices. If the insurance producer violates the terms of the bond agreement, misrepresents policies, or fails to comply with the applicable regulations, a claim can be made against the bond. The surety company issuing the bond may provide compensation up to the bond amount to affected consumers. The specific requirements and regulations surrounding insurance producer bonds can vary depending on the jurisdiction and the licensing authority in Illinois. It is advisable to consult with the appropriate regulatory authority or seek legal advice to obtain accurate and up-to-date information on insurance producer bonds in Illinois.
Program
The price you'll pay for your $250,000 Insurance Producer 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 $250,000 Insurance Producer 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 $250,000 Insurance Producer 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 Producer Bond Application process.
The Illinois Insurance Producer Bond amount is currently set at $250,000.
Obligee Information
An obligee is the entity that is requiring you to have the Insurance Producer bond.
Obligee: Illinois Department Of Insurance
Street: 320 W. Washington Street
State: Illinois
Zip: 62767
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!