This bond is required for professionals who help people and businesses find and purchase insurance policies in Maryland. The state requires these insurance brokers to have a $10,000 bond as a form of financial protection for their clients. If a broker acts dishonestly, makes serious mistakes, or violates state insuran…
Overview
What it is.
This bond is required for professionals who help people and businesses find and purchase insurance policies in Maryland. The state requires these insurance brokers to have a $10,000 bond as a form of financial protection for their clients. If a broker acts dishonestly, makes serious mistakes, or violates state insuran…
Who usually needs it
Resident surplus lines brokers in Maryland who are licensed to work with surplus line insurers must obtain this $10,000 surety bond. The bond is required as part of obtaining a Surplus Lines Broker Certificate of Qualification and serves as a financial guarantee that brokers will comply with state laws and protect clients from financial loss. Nonresident su…
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 BondCategoryOtherBondState of Maryland - Insurance Broker's BondPlain descriptionThis bond is required for professionals who help people and businesses find and purchase insurance policies in Maryland. The state requires these insurance brokers to have a $10,000 bond as a form of financial protectio…Who needs this bondResident surplus lines brokers in Maryland who are licensed to work with surplus line insurers must obtain this $10,000 surety bond. The bond is required as part of obtaining a Surplus Lines Broker Certificate of Qualif…
