Insurance Excess Lines Broker Bond
New York Insurance Excess Lines Broker Bond Information
New York Insurance Law requires a surety bond for those making application to the Superintendent of Insurance of the State of New York for a license to transact business as an Excess Line Broker in the state.
What Does an Excess Lines Broker Bond Protect Against?
The surety bond protects anyone harmed financially by a licensed insurance broker found guilty of fraudulent or dishonest practices in connection with the transaction of his or its business as an Excess Line Broker during the license period for which this surety bond is issued.