Maryland Broker | $25,000 Broker Surety Bond
Also known as: broker bond
Type of Bond
A broker bond, also known as a surety bond or a fidelity bond, is a type of financial guarantee that provides protection to clients or customers who engage the services of a broker. Brokers, such as insurance brokers, mortgage brokers, freight brokers, or real estate brokers, often need to obtain a bond as part of their licensing or regulatory requirements. The purpose of a broker bond is to ensure that the bonded broker operates with integrity, professionalism, and in compliance with applicable laws and regulations. It provides assurance to clients that the broker will fulfill their contractual obligations, handle funds responsibly, and act in the best interests of their clients. If a broker fails to fulfill their obligations or engages in fraudulent or unethical behavior, a client or affected party can make a claim against the bond. This allows the claimant to seek financial compensation for any financial losses or damages incurred due to the broker's actions. The bond amount for a broker bond varies depending on the industry and the specific requirements set by regulatory authorities or licensing bodies. The bond amount is typically based on the level of risk associated with the broker's activities and can vary widely between different professions. It's important to note that a broker bond is not insurance for the broker, but rather a form of protection for clients or customers. The bonded broker is responsible for reimbursing the surety company for any claims paid out. Brokers should consult with the relevant regulatory authority or a surety bond provider to understand the specific bond requirements, including the bond amount, that apply to their industry and professional activities.
Program
The price you'll pay for your $25,000 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 $25,000 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 $25,000 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 Broker Bond Application process.
The Maryland Broker Bond amount is currently set at $25,000.
Obligee Information
An obligee is the entity that is requiring you to have the Broker bond.
Obligee: Maryland Insurance Commissioner
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!