The commonwealth of Virginia requires different kinds of surety bonds for certain professionals, contract workers, and companies to do business in the state. You must be bonded to be licensed as a motor vehicle dealer, mortgage broker, appraisal management company, public adjuster, or title insurance settlement agent.
All these bonds, along with licensing, are handled at the state level by various VA state agencies, which are listed in the bond descriptions below. Most VA surety bonds are set at a fixed coverage amount. An exception is the mortgage broker bond, which ranges from $25,000 to $150,000 based on your previous year's loan volume.
If you need a surety bond to comply with Virginia bonding regulations, we can help. NNA Surety Bonds has been providing affordable coverage to companies and individuals across the United States since 1957.
Virginia appraisal management companies are required to obtain a $100,000 surety bond by the Real Estate Appraiser Board of the VA Department of Professional and Occupational Regulation. Bond approval is subject to underwriting, meaning that applicants with excellent credit could pay a premium as low as 1%—or $1,000—per year of coverage.
Mortgage brokers in Virginia must provide evidence of a surety bond ranging from $25,000 to $150,000 to the VA Bureau of Financial Institutions, which sets the bond amount according to your company's previous year's loan volume. The bond's annual premium will depend on the coverage amount required for your mortgage broker business. Qualified applicants can receive their bond policy for as little as $188 to $1,125.
To sell motor vehicles in the commonwealth of Virginia, you must provide a $50,000 surety bond. Whether you're a new or used car dealer, this bond is required when you apply for your license to the Virginia Motor Vehicle Dealer Board. The Dealer Board does not require different bonds and licenses for new and used car dealers as some states do. NNA Surety Bonds can provide this bond to qualified applicants for a premium as low as $750.
Public adjusters are required by the Virginia State Corporation Commission to post a $50,000 bond. NNA Surety Bonds can provide this public adjuster policy for as little as $300 per year to highly qualified applicants.
To be licensed in Virginia as a title insurance settlement agent, you're required to post a $200,000 bond with the VA State Corporation Commission's Bureau of Insurance. NNA Surety Bonds can provide this coverage for a premium rate as low as $1,000 annually, subject to approval of your personal credit and business financials.
|Bond Name||Coverage Amount||Cost
|Appraisal Management Company Bond||$100,000||$1,750 (two years)*||VA Department of Professional and Occupational Regulation|
|Mortgage Broker Bond||$25,000–$150,000||$188–$1,125*||VA SCC – Bureau of Financial Institutions|
|Motor Vehicle Dealer Bond||$50,000||$750||VA Motor Vehicle Dealer Board|
|Public Adjuster Bond||$50,000||$300*||VA State Corporation Commission|
|Title Insurance Settlement Agent Bond||$200,000||$1,000*||VA State Corporation Commission|
* Cost can vary depending on the bond amount required and your credit rating
Our detailed knowledge of Virginia bond requirements allows us to provide accurate quotes quickly. For guidance through the process of selecting a surety bond for a new business or renewing an existing bond policy, talk to one of our experts today.