Get the free Surplus Line Broker's Bond

This document serves as a surety bond for a Surplus Line Broker licensed to transact business in New Mexico, ensuring compliance with related laws and obligations.

How to fill out surplus line brokers bond

How to fill out Surplus Line Broker's Bond

1. Obtain the Surplus Line Broker's Bond form from the appropriate regulatory authority.
2. Fill in the broker's name, address, and license number at the top of the form.
3. Enter the amount of the bond required, usually specified by the state regulations.
4. Provide the details of the surety company that will issue the bond, including their name and contact information.
5. Sign the bond form as the principal, certifying that the information provided is accurate.
6. Ensure the surety company completes their section of the bond, including their signature and seal.
7. Submit the completed bond form along with any required fees to the regulatory authority.

Who needs Surplus Line Broker's Bond?

1. Surplus Line Brokers who are licensed to write insurance on risks that cannot be obtained from admitted insurers need a Surplus Line Broker's Bond.

People Also Ask about

How do surplus lines work?

The risk may be too big, too unusual or substandard. In these cases, a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state. This is called a surplus line insurance policy.

What is an example of a surplus line of insurance?

What are examples of typical properties insured by Surplus Lines? Examples include multi-dwelling units such as condos or townhouses, mobile homes, expensive cars or boats, costly art collections, or extremely old or dangerously exposed homes. What are examples of typical risks insured by Surplus Lines?

What is the minimum surety bond that surplus lines brokers must post?

Bond Overview Purpose: To protect the state and consumers from fraudulent activity by an insurance broker. Who Needs It: Surplus lines insurance brokers in most states. Required Amount: $10,000–$50,000, varies by state. Regulating Body: The state bureau, office or department of insurance.

What is a surplus broker?

A Surplus Lines Insurance Broker is an individual who solicits, negotiates or procures a policy of insurance in an insurance company not licensed to transact business in this state which cannot be procured from insurers licensed to do business in this state.

For pdfFiller’s FAQs

What is Surplus Line Broker's Bond?

A Surplus Line Broker's Bond is a financial guarantee that a surplus lines broker provides, ensuring compliance with state laws and regulations while conducting business in the surplus lines insurance market.

Who is required to file Surplus Line Broker's Bond?

Surplus line brokers who want to operate in a specific state must file a Surplus Line Broker's Bond as part of their licensing process.

How to fill out Surplus Line Broker's Bond?

To fill out a Surplus Line Broker's Bond, a broker must include details such as their license information, the amount of the bond, and the names of the surety company and the principal (broker).

What is the purpose of Surplus Line Broker's Bond?

The purpose of a Surplus Line Broker's Bond is to protect consumers and the state by ensuring that the broker adheres to legal requirements and provides financial compensation in case of non-compliance or misconduct.

What information must be reported on Surplus Line Broker's Bond?

The information that must be reported on a Surplus Line Broker's Bond includes the broker's name, business address, license number, bond amount, surety company's details, and any specific terms mandated by the state.