Bond Amount
$10,000
Requiring Entity
State of California, Department of Insurance
Underwriting Criteria
Instant Issue No Credit Check
Premium Rate(s)
- 1 Year - $75.00
- 2 Year - $125.00
- 3 Year - $150.00*
Who is Required to Secure this Bond
A California Insurance Broker Bond in the amount of $10,000 is mandatorily required to be filed with the State of California, Department of Insurance, as set forth in the California Insurance Code Chapter 2, Division 5 and Chapter 2, Title 14, Part 2 of the Code of Civil Procedure, for all licensed insurance agents.
Bond Requirement Specifics
The Insurance Broker Bond requirement is set forth in the California Insurance Code Chapter 2, Division 5 and Chapter 2, Title 14, Part 2 of the Code of Civil Procedure, to be in favor, and payable to the People of the State of California and is structured to benefit any person or persons damaged by acts made by the insurance broker characterized by fraud, dishonesty, misstatement, misrepresentation, deceit and or any unlawful acts or omissions by the insurance broker. The Surety Company who issued the insurance broker bond on behalf of the agent or broker must validate each claim and in the event the insurance agent or broker is found negligent, the Surety Company must pay the damages sought in the bond claim.
Who is protected Under this Bond
Any person or persons for whom the insurance agent or broker rendered insurance services.
Underwriting Process
California Insurance Broker Bonds are INSTANTLY ISSUED through our web-site without the need of a personal credit check of the agent or broker so long as they have been provided an insurance license by the State of California.
What you Need to do Once you have your Bond
As the original Insurance Broker bond must be filed with the State of California, Department of Insurance, the original bond will be mailed to the agent/broker within 24 hours of submitting their application online. The agent/broker will need to forward the original bond to the State of California, Department of Insurance for filing. The bond will be place in regular mail unless the insurance agent/broker opts to pay the fee associated with overnight delivery during the application process.
Obligee Link
www.insurance.ca.gov
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.