Insurance broker bonds helps protect consumers against any acts of fraud, dishonesty, misrepresentation, or acts of omission by an insurance broker.
A $10,000 surety bond is required before conducting business as an insurance broker in California. Most bond providers charge an annual bond premium that varies.
Insurance broker bonds are legally-binding contracts between three parties:
A surety bond is not an insurance policy. If the broker does not comply with the conditions of the bond, a consumer, supplier, or an employee may file a claim against the bond. Brokers are liable for their own contractual obligations and must repay the surety bond for any damages incurred.
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