Ohio Surplus Lines Broker Bond
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How much does a $25,000 surplus line broker bond cost in Ohio?
A $25,000 surplus lines broker bond in Ohio costs $250 and is issued instantly. Simply click Buy Now to visit our secure bond checkout where you can buy your bond directly through our site. In just a few minutes you can be on your way to being bonded as a surplus lines broker in Ohio.
Why do I need a surplus line broker bond?
The Licensing Division of the Ohio Department of Insurance requires surplus line brokers to post a $25,000 surety bond before becoming licensed. Ohio surplus line insurance broker bonds ensure that principals (brokers) comply with Sections 3905.30-3905.35 of the Ohio Revised Code.
Specifically, bonded brokers pledge to file a sworn statement of the gross premiums charged for insurance procured or placed and the gross premiums on insurance canceled during the previous calendar year with the Superintendent of Insurance in January of every year. The principal also pledges to pay the superintendent an amount equal to five percent of the balance of such gross premiums after deducting return premiums at the time of filing.
Terms of a surplus line broker bond in Ohio
Surplus line broker bonds in Ohio are continuously effective until canceled. The surety can cancel the bond by giving proper notice to the Department of Insurance. This bond is conditioned for the benefit of both the Department of Insurance and the people of Ohio. The bond must be maintained as long as the applicant conducts surplus line broker business.
How to become an individual surplus lines broker in Ohio
To become licensed as an individual surplus line broker in Ohio, all applicants must complete either a paper license application or an online application. In addition to the completed application, the following is required:
- Filing fee of $100 via check or money order made payable to the “State of Ohio Treasurer” with paper application; credit card accepted with online application
The following is required specifically for resident applicants:
- Proof of $25,000 bond made payable to the state of Ohio
- Complete criminal background check
- An active Ohio major lines property and casualty license
The following is required specifically for non-resident applicants:
- An active surplus lines license in home state
- An active Ohio major lines property and casualty license if the agent is, or will be, personally performing the due diligence requirements
Review the Surplus Lines Individual Initial Application Checklist for more information.
Ohio surplus lines licenses expire annually on January 31. Follow the renewal application checklist to see how to renew your application.
How to become a business entity surplus lines broker in Ohio
To become licensed as a business entity surplus line broker in Ohio, all applicants must complete either a paper license application or an online application. In addition to the completed application, the following is required:
- Filing fee of $100 via check or money order made payable to the “State of Ohio Treasurer” with paper application; credit card accepted with online application
- Name of each employee designated to act as a surplus lines agent for the entity
- List of owners, partners, officers and directors, members, or managers
The following is required specifically for resident applicants:
- Proof of $25,000 bond made payable to the state of Ohio
- An active Ohio major lines property and casualty license
- Registration with the Ohio Secretary of State before applying for a license
The following is required specifically for non-resident applicants:
- Must have an active surplus lines license in home state
- Must have an active Ohio major lines property and casualty license if the business entity is, or will be, involved in performing the due diligence requirements
- Must provide proof of $25,000 bond payable to the State of Ohio, only if resident state does not issue surplus lines business entity licenses
Ohio surplus lines licenses expire annually on January 31. Follow the renewal application checklist to see how to renew your application.
Note: Non-resident business entities should contact the Ohio Secretary of State by visiting the Secretary of State website or by calling (877) 767-6446 to learn more about registration requirements prior to doing business in Ohio.
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