A Surplus Lines Broker license is required by states to receive a license within that jurisdiction to sell Surplus Lines insurance-related products. A Surplus Lines Surety Bond helps ensure that the Surplus Lines broker operates according to applicable laws and properly accounts for premiums, taxes, and fees collected on behalf of the surety companies that the broker represents.
What is Surplus Lines insurance? When insurance companies licensed in a particular state will not accept the risk on a certain policy then the policy may be placed with an insurer that is not licensed in that state. A Surplus Lines broker who is licensed in that state can place the coverage, and is held accountable for the transaction. The Surplus Lines Bond is a requirement for obtaining the license to place these types of policies.
Dealer Protection Group (DPG) can help you with obtaining this type of bond. We provide multiple lines of surety services for our dealership clients.
Cover all your bases.
Contact DPG about obtaining a Surplus Lines Broker Bond. Give us a call at 949.208.8550.