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Illinois Insurance Producer Bond

Illinois Insurance Producer Bond

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Who Requires the Insurance Producer Bond and Why Is It Needed?

Insurance Broker Bonds guarantee compliance with state insurance laws, providing protection to any person or business that may have been harmed as a result of a negligent act committed by a licensed insurance agent. Insurance brokers typically must post a surety bond in addition to being licensed to sell, negotiate and transact insurance business.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Illinois Insurance Producer Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The bond ensures that the insurance producer practices proper accounting in all insurance transactions including funding, payments or other transactions handled in the course of insurance business. The producer must also comply with all the provisions of Section 500-30 of the Illinois Insurance Code, as amended. The bond shall be continuous in form and may be terminated by the surety, upon its giving thirty (30) days notice to the principal of its intention of termination.




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