Ohio Surplus Lines Broker Bond
What is an Ohio Surplus Lines Broker Bond?
A Surplus Lines Broker Bond is a type of surety bond required as set forth in section 3905.35 of the Revised Code of Ohio. The surety bond obligates is for surplus lines brokers who have made application to the Superintendent of Insurance for a license as a surplus lines broker, in accordance with section 3905.30 of the Revised Code of Ohio, and is required by section 3905.35 of the Revised Code of Ohio. The surety bond is made payable to the state, and in the coverage amount, or sum of twenty-five thousand ($25,000) dollars. Lastly, the surety bond ensures full and faithful compliance with sections 3905.30 to 3905.36, inclusive, of the Revised Code of Ohio.