{"id":1161,"date":"2013-05-24T03:26:42","date_gmt":"2013-05-24T03:26:42","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1161"},"modified":"2017-01-03T16:20:34","modified_gmt":"2017-01-03T16:20:34","slug":"virginia-surplus-lines-broker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/virginia-surplus-lines-broker-bond\/","title":{"rendered":"Virginia Surplus Lines Broker Bond"},"content":{"rendered":"

An E&S broker must provide a Virginia surplus lines broker bond<\/a><\/strong> the the Bureau of Insurance before a license can be issued for operation in the Commonwealth.\u00a0No person other than a licensed surplus lines broker may sell, solicit, or negotiate contracts of insurance on behalf of any insurer which is not licensed to transact insurance in the state (\u00a738.2-1802<\/a>). \u00a0Doing is is a criminal office penalized as a Class 1 misdemeanor AND the agent\/broker is made personally responsible for an insured’s loss(es). \u00a0The Virginia surplus lines broker bond<\/strong> must accompany a copy of the applicant’s property\/casualty producer license when applying for the surplus authority. \u00a0Pursuant to Virginia Code\u00a0\u00a738.2-1857.2<\/a>, prior to issuance of a license an applicant must file with the Commission<\/a> a certification or attestation that the applicant has will keep in force for as long as the license remains in effect, a Virginia surplus lines broker bond<\/a><\/strong> in favor of the Commonwealth of Virginia in the amount of $25,000. \u00a0The surety company that issues the bond must be licensed in the state. The surety bond must be conditioned that the surplus lines broker will conduct business in accordance with the provisions of the surplus lines insurance law and that he will promptly remit the taxes as required. The Virginia surplus lines broker bond<\/strong>\u00a0cannot be terminated unless at least thirty calendar days have transpired from written notice of the cancellation is filed with the Commission. If prior to the expiration of a surety bond the licensee fails to file with the Commission a certification or attestation that a new bond has been posted, then the surplus lines broker license will be revoked and he or she will be required to apply for a new surplus lines broker license. \u00a0The Virginia surplus lines broker bond<\/a><\/strong> form is manuscripted as an affidavit therefore care must be taken in preparation and execution of the bond. \u00a0Improperly swearing to the instrument can open the broker to perjury charges.\u00a0Virginia surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>, is a specialist in the bonding needs of the insurance and finance sector. \u00a0We will execute these\u00a0surety bonds\u00a0<\/em>for ALL experienced surplus lines applicants in every state that requires bonding of the same, regardless of temporary fluctuations in financial statement condition and\/or the principal applicant\u2019s personal credit. We also offer very broad\u00a0fidelity bond<\/a>\u00a0forms to protect against losses due to employee dishonesty. \u00a0Visit the surety leader<\/strong> at\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Virginia surplus lines broker bond<\/strong>\u00a0application or information about any surety product.<\/p>\n","protected":false},"excerpt":{"rendered":"

An E&S broker must provide a Virginia surplus lines broker bond the the Bureau of Insurance before a license can be issued for operation in the Commonwealth.\u00a0No person other than a licensed surplus lines broker may sell, solicit, or negotiate… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1435,1437,1436,1438],"yoast_head":"\nVirginia Surplus Lines Broker Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/virginia-surplus-lines-broker-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virginia Surplus Lines Broker Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"An E&S broker must provide a Virginia surplus lines broker bond the the Bureau of Insurance before a license can be issued for operation in the Commonwealth.\u00a0No person other than a licensed surplus lines broker may sell, solicit, or negotiate... 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