Maine Surplus Lines Insurance Producer Bond Guide
If you’re applying for a surplus lines producer license in Maine, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure producers remit tax payments to the state and act ethically
- Who Needs It: All surplus lines insurance producers in Maine
- Regulating Body: The Maine Bureau of Insurance
- Required Coverage: $20,000
- Premium Rate: $200 for a 1-year term
Learn all about the bond requirements and process in this guide.
What Is a Maine Surplus Lines Insurance Producer Bond?
A Maine surplus lines producer bond ensures that insurance producers follow state regulations and make surplus lines tax payments.
The Maine Bureau of Insurance requires this bond as part of the licensing process for surplus lines producers in the state.
How Much Do Surplus Lines Insurance Producer Bonds Cost in Maine?
A $20,000 Maine surplus lines producer bond costs a flat rate of $200 for a 1-year term. Or, you can save 25% by selecting a multi-year term.
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Who Needs a Surplus Lines Insurance Producer Bond?
All insurance producers that place specialty coverage with surplus lines insurers must be licensed and bonded with the Maine Bureau of Insurance.
The surety bond ensures payment of surplus lines taxes and adherence to other licensing regulations.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Maine surplus lines producer bond instantly online. Just enter your information and checkout in minutes.
We’ll email you the bond shortly after purchase. Be sure to file the bond with the Maine Bureau of Insurance as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Maine Surplus Lines Insurance Producer Bond Work?
As with all surety bonds, a surplus lines producer bond creates a legal contract between three parties:
- Principal: You, the surplus lines producer filing the bond
- Obligee: The Maine Bureau of Insurance requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the bond terms, including all applicable provisions of the Maine Insurance Code.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your surplus lines producer bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.