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Oklahoma Surplus Lines Insurance Broker Bond

Oklahoma Surplus Lines Insurance Broker Bond

www.suretybondsdirect.com/surety-bond/surplus-lines-broker-or-agent-bond/ok

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Who Requires the Surplus Lines Insurance Broker Bond and Why Is It Needed?

Oklahoma Surplus Lines Insurance Brokers must furnish a surety bond as a condition of application to the Insurance Commissioner of the State of Oklahoma for a license as a Surplus Lines Broker pursuant to the provisions of the Oklahoma Insurance Code, (Title 36, Oklahoma Statutes, Sections 101 et seq.). The surety bond ensures that the bonded surplus lines broker conducts business in accordance with licensing rules and regulations and the provisions of the Oklahoma Insurance Code.

The penal sum (or amount of the bond) required is based on previous years gross premium. A bond in the amount of $40,000 is required for Premiums of $1,000,000 or above, $35,000 for premiums of $500,000 to $999,999, $30,000 for premiums of $250,000 to $499,999, $25,000 for premiums of $100,000 to $249,999, $20,000 for premiums of $75,000 to $99,999, $15,000 for premiums of $50,000 to $74,999, $10,000 for premiums of $25,000 to $49,999, and $5,000 for premiums below 25,000.

How Much Will My Surety Bond Cost?

Some Oklahoma Surplus Lines Insurance Broker Bonds are offered completely online without a credit check or any paperwork. Surety Bonds Direct has access to the lowest bond prices available in the market for applicants with good credit and bad credit.

It only takes a couple minutes to provide us with the information required for a free, no-obligation quote. Or if you prefer, 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.




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