This bond is required for insurance agents and brokers who want to sell auto insurance policies through the Maryland Auto Insurance Fund (MAIF). MAIF provides car insurance to drivers who can't get coverage elsewhere. The $10,000 bond protects MAIF and customers by guaranteeing that agents follow all rules and handle …
Overview
What it is.
This bond is required for insurance agents and brokers who want to sell auto insurance policies through the Maryland Auto Insurance Fund (MAIF). MAIF provides car insurance to drivers who can't get coverage elsewhere. The $10,000 bond protects MAIF and customers by guaranteeing that agents follow all rules and handle …
Who usually needs it
Insurance agents, corporations, and individuals seeking authorization to become licensed producers for the Maryland Automobile Insurance Fund (MAIF) who will solicit, negotiate, or accept automobile insurance business from the public on behalf of the fund must obtain this $10,000 surety bond as required by Section 20-511 of the Insurance Article, Annotated …
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMDBond amount$10,000ObligeeMaryland Auto Insurance FundBond classLicense BondCategoryInsuranceBondMaryland Auto Insurance Fund Producer (MAIF) BondJurisdictionStatePlain descriptionThis bond is required for insurance agents and brokers who want to sell auto insurance policies through the Maryland Auto Insurance Fund (MAIF). MAIF provides car insurance to drivers who can't get coverage elsewhere. T…Who needs this bondInsurance agents, corporations, and individuals seeking authorization to become licensed producers for the Maryland Automobile Insurance Fund (MAIF) who will solicit, negotiate, or accept automobile insurance business f…
