|
So you need an Insurance Producers Bond in Washington
You are trying to renew your Washington State Insurance Producers License and they are asking you for a bond. You have found the fastest and easiest way to get your Washington Insurance Producer Bond. Just click on the link above titled, "Get a bond," and get on your way to providing the state with the required bond for "brokered business." Click Here to be taken to the Bond Start Page
How much of an Insurance Producer Bond Do I Need?
You are now required to carry a bond in the amount of 5% of your total Brokered Business. It is up to the agent/broker to figure out the amount required by the state.
Since when does Washington State Required This Bond?
The requirement for the new Washington Insurance Producer’s Bond becomes effective 7/1/09.
What are the underwriting requirements for getting this bond?
- Bond amounts range from $2,500 to $100,000.
- Immediate issuance of the bond is allowed in most instances.
- Instant issue on Risk Scores of 700 and above up to $50,000.00. Anything over that is full underwriting.
|