A Maryland Surplus Lines Broker Bond is a $10,000 financial guarantee required for insurance brokers who sell specialized coverage that standard insurance companies don't offer. These brokers help people find insurance for unusual or high-risk situations. The State of Maryland requires this bond to protect consumers i…
Overview
What it is.
A Maryland Surplus Lines Broker Bond is a $10,000 financial guarantee required for insurance brokers who sell specialized coverage that standard insurance companies don't offer. These brokers help people find insurance for unusual or high-risk situations. The State of Maryland requires this bond to protect consumers i…
Who usually needs it
Resident surplus lines brokers in Maryland who hold or are applying for a Certificate of Qualification as a surplus lines broker must obtain this bond. Applicants must hold an active producer license with Property and Casualty lines of authority at the time of application for initial or renewal certification.
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$10,000ObligeeState of MarylandBond classLicense BondCategoryInsuranceBondMaryland Surplus Lines Broker BondJurisdictionStatePlain descriptionA Maryland Surplus Lines Broker Bond is a $10,000 financial guarantee required for insurance brokers who sell specialized coverage that standard insurance companies don't offer. These brokers help people find insurance …Who needs this bondResident surplus lines brokers in Maryland who hold or are applying for a Certificate of Qualification as a surplus lines broker must obtain this bond. Applicants must hold an active producer license with Property and C…
