In Alabama, an insurance professional that offers excess and surplus lines policies must be properly licensed and provide an Alabama surplus lines broker bond. Alabama defines a surplus lines broker as an individual, corporation, partnership or other business entity required to be licensed to procure certain insurance coverages, called surplus lines, that cannot be procured from authorized insurers. The Alabama Department of Insurance requires a surplus lines broker bond on (Form AL-SLB-13) in the amount of $50,000. The obligation guarantees that the surplus lines broker will fulfill all the terms and conditions of the Alabama Surplus Line Insurance Law, and the rules and regulations of the specific tax law mentioned in Section 27-10-31, Code of Alabama 1975. The nation’s surety leader, Surety One, Inc., is a specialist in the bonding needs of the financial services sector. We will issue these surety bonds for ALL experienced applicants in every state that requires bonding of surplus lines brokers. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit the nations surety leader at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Alabama surplus lines broker bond application or information about any bond product.
