{"id":1179,"date":"2013-05-31T03:36:10","date_gmt":"2013-05-31T03:36:10","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1179"},"modified":"2017-01-03T16:20:34","modified_gmt":"2017-01-03T16:20:34","slug":"alabama-premium-finance-company-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/alabama-premium-finance-company-bond\/","title":{"rendered":"Alabama Premium Finance Company Bond"},"content":{"rendered":"

Companies offering insurance premium financing must provide an Alabama premium finance company bond<\/a><\/strong> and fulfill all statutory requirements before commencing business operations. \u00a0Alabama defines an insurance premium finance company is a\u00a0person engaged in the business of entering into agreements\u00a0by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a service charge. \u00a0The Alabama insurance premium finance company bond<\/strong> must be written in the amount of $35,000, and issued by a corporate surety company with a current certificate of authority from the Alabama Commissioner of Insurance. \u00a0The bond obligation appears to be a fairly straightforward compliance agreement, however a reading of Title 27, Chapter 40<\/a>\u00a0is necessary to understand exactly what the surety is guaranteeing. \u00a0The Alabama premium finance company bond<\/a>\u00a0<\/strong>ensures payment of actual damages sustained as the direct result of a breach by the finance company of a condition of the law. \u00a0In no event can the surety be liable for fines and\/or penalties assessed against the Principal for violations of the same. \u00a0Although the face sheet states clearly that the bond shall be continuous and “shall operate as a new bond for each license year it is in effect”, the bond is NOT cumulative. Surety may cancel the Alabama premium finance company bond<\/strong> at any time by giving thirty (30) days\u2019 written notice of its intent to cancel to both the licensee and to the Commissioner of Insurance<\/a> by certified or registered U.S. mail. \u00a0Upon receipt of said notice the state must discharge the surety from any liability occurring after the effective date of the cancellation.\u00a0National surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>,\u00a0specializes in bonds for the insurance and financial services sector.\u00a0We will offer terms to ALL applicants for this bond class regardless of temporary fluctuations in applicant financial condition. \u00a0\u00a0We also offer very broad\u00a0fidelity bond<\/a>\u00a0coverages for finance company enterprises.\u00a0Visit\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Alabama premium finance company bond<\/strong>\u00a0application or information about\u00a0premium finance company bond<\/strong>\u00a0support in any state where you wish to obtain a license.<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies offering insurance premium financing must provide an Alabama premium finance company bond and fulfill all statutory requirements before commencing business operations. \u00a0Alabama defines an insurance premium finance company is a\u00a0person engaged in the business of entering into agreements\u00a0by which… 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":[1467,1465,1464,1466],"yoast_head":"\nAlabama Premium Finance Company 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\/alabama-premium-finance-company-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alabama Premium Finance Company Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Companies offering insurance premium financing must provide an Alabama premium finance company bond and fulfill all statutory requirements before commencing business operations. \u00a0Alabama defines an insurance premium finance company is a\u00a0person engaged in the business of entering into agreements\u00a0by which... 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