California Special Lines Surplus Broker Bond
Bond Requirements & Set Rates
| Bond Amount Required | Annual Premium |
| $10,000 | $100 |
Insurance professionals licensed as surplus line brokers in California must get a surety bond as part of their state licensing requirements. Required by the California Department of Insurance (CDI), the California special lines surplus broker bond guarantees the proper accounting and payment of premiums and taxes to the state.
Cost of a California Special Lines Surplus Broker Bond
The cost of the $10,000 California special lines surplus broker bond is $100 with NNA Surety. Get bonded today.
Why You Need a California Special Lines Surplus Broker Bond
A California special lines surplus broker bond is a financial guarantee required of those who place coverage with non-admitted insurers when standard policies are unavailable. The California surety bond is a three-party agreement that creates accountability and trust among:
- Principal: Licensed surplus line broker
- Obligee: California Department of Insurance
- Surety: Bonding company
If a client or third party suffers a financial loss due to a broker’s violation of the law, they may file a claim against the bond. The surety company will investigate the claim and, if valid, compensate the harmed party up to the bond amount. The broker is then responsible for reimbursing the surety for any paid claims.
How to Get the California Special Lines Surplus Broker Bond
Getting the special lines surplus broker bond is easy with NNA Surety:
- Complete this application with your licensing and business details.
- Receive your quote instantly.
- Pay the premium to activate coverage.
- Submit your bond to the California Department of Insurance.
Get Your California Special Lines Surplus Broker Bond Today
Meet California licensing requirements and protect your clients with a California special lines surplus broker bond. Start the bonding process today or call 855-737-0193 for more information.