What is an Ohio – Surplus Lines Broker ($25,000) Bond?
A Surplus Lines Broker Bond is a type of surety bond that surplus lines brokers in Ohio must have if they are applying for a license from the Superintendent of Insurance. This requirement is stated in section 3905.35 of the Revised Code of Ohio and is in accordance with section 3905.30 of the same code. The surety bond must be made payable to the state and cover a sum of $25,000. It is designed to ensure complete and accurate compliance with the Revised Code of Ohio.
Do you need an Ohio – Surplus Lines Broker ($25,000) Bond?
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Why is the Ohio – Surplus Lines Broker ($25,000) Bond necessary?
Surety bonds are an important part of ensuring compliance and financial stability. They’re required in all 50 states to guarantee that companies will follow their licensing or permitting requirements across a wide variety of industries, professions, etcetera. The business demonstrates its commitment both financially as well as ethically by providing proof it can uphold these standards. Find a Ohio – Sewage Treatment Systems Installer ($40,000) Bond.
What is a Surplus Lines Broker ($25,000) Bond in Ohio and how does it work?
Surety bonds are a great way to provide financial guarantees that contracts and other business deals will be completed according to mutual terms. They protect consumers from fraud, malpractice, or any other breach of their agreement with the company that issues them; when this occurs one party can claim your surety bond for you (the principal) to fulfill damages caused by breaking those promises! Get a Ohio – Private Water Systems Contractors ($20,000) Bond.
What is the cost of an Ohio – Surplus Lines Broker ($25,000) Bond?
Surety bond costs can vary by location and the requirements outline how large a surety’s commitment is to pay out in claims, meaning they will charge different premiums based on an individual’s credit scores or financial history.
Is it possible to obtain an Ohio – Surplus Lines Broker ($25,000) Bond with bad credit?
While it may seem like a bad credit score means the end of your dreams, you don’t have to give up on getting bonded! Axcess-Surety can help even if your circumstances are adverse. We know that many people who fall into these types of debt include medical expenses or bankruptcies among others so we provide options for everyone with our strong commitment to helping all individuals or companies succeed. See a Ohio – Private Water Systems Contractors ($10,000) Bond.
How to obtain an Ohio – Surplus Lines Broker ($25,000) Bond?
Obtaining a surety bond is quick and easy with an online application. The company will ask for information about your personal, professional, or financial background but once you receive the quote they can make it effective in as little time frame required! Read a Ohio – Title Agent ($150,000) Bond.
Glenn is dedicated to helping contractors get surety bonds and support. Glenn specializes in the construction industry with expertise in bids bonds, performance bonds and payment bonds. Glenn regularly published articles and resources for all things surety bonds.