Nevada Premium Finance Company Bond

Nevada Premium Finance Company Bond

Premium finance companies in Nevada are required to secure the $50,000 Premium Finance Company Bond in order to be licensed with the Division of Insurance’s Department of Business and Industry. 

VIEW YOUR BOND PRICE

Jet Insurance Company provides the Premium Finance Company Bond as an assurance to the Nevada Division of Insurance (DOI) that the premium finance company will perform all insurance business operations according to their license regulations. The surety bond also acts as a guarantee of restitution to any person of the public that is financially damaged due to the company committing license transgressions. 

How Much Does the Nevada Premium Finance Company Bond Cost?

At Jet, prices for the Nevada Premium Finance Company Bond are determined through an evaluation of the bond limit, business financials, and your personal credit score. For the standard $50,000 bond amount, you can pay as low as $500 annually or $50 a month. Take a look at the chart below for our preferred tier rates at various bond term options. 

Bond TermCost
Monthly$50
1 Year$500
2 Years$875
3 Years$1,250
Nevada Premium Finance Company Bond Pricing

The Department of Business and Industry requires the Premium Finance Company License to be renewed on or before March 1st of each year, and your surety bond must be active to be approved so Jet’s monthly payment plan is a great option for companies that want to achieve a seamless renewal process. All you have to do is set up your preferred account for continuous payments and your bond will remain active for as long as you’d like. 

Which Nevada Businesses Need the $50,000 Premium Finance Company Bond?

According to the Division of Insurance, companies that wish to engage in the business of financing premiums and enter into premium finance agreements with insureds, or that acquire premium finance agreements in the State of Nevada, must be licensed and bonded with the Department of Business and Industry. 

However, according to NRS 686A.350, Nevada Division of Insurance does allow some businesses and companies to be exempt from the Premium Finance Company Bond requirement. These exempt entities are listed below:

The Nevada Premium Finance Company Bond Process With Jet

Our online application for the Nevada Premium Finance Company takes just a few minutes of your time to complete. The general information that is needed includes your contact details and social security number for a soft credit check. Once you have submitted your application, a Jet underwriter will conduct a quick review and if further info is needed, we’ll give you a call right away. Otherwise, approved rate options that are ready for immediate purchase will be sent directly to your email. You’ll receive a copy of your bond form and receipt as soon as you fulfill the payment. 

Jet can take care of filing your bond for you at no additional cost! However, if you would prefer to take care of this step yourself, you can select that option at checkout. The Nevada Division of Insurance requires the Premium Finance Company Bond to be filed with their Department of Business and Industry and the mailing address below.

Nevada Division of Insurance
Department of Business & Industry - Corporate & Financial Affairs Section
1818 Easy College Parkway, Suite 103
Carson City, NV 89706

If you are a first-time applicant, all your required documents for your license application can be found on the “Premium Finance” webpage.

Those who are enrolled in Jet’s monthly payment plan won’t have to worry about renewing their bond! Your bond will remain active with the Nevada Division of Assurance as long as payments are continually received by Jet from your preferred account. As for those who chose to pay in full and upfront, Jet will send you a renewal invoice far in advance of your bond term expiration date via mail and email. We don’t charge renewal fees and just need standard payment to keep your bond active for another term.

In cases where you may need to cancel your bond, you can send us a written cancellation request to [email protected] at any time. Once received, Jet will notify the DOI’s Department of Business and Industry of your bond termination. If accepted, the liability of your bond will be released within 90 days of our notice.

Jet will require monthly plan bondholders to make payments for the mandated liability period as your bond is technically still active during this time. All future payments with Jet will cease once this requirement has been fulfilled. 

As for refunds, if you purchased the bond in full and cancel early, we’ll return any unused premium to you as soon as your bond has been officially released by the Nevada Division of Insurance.

How Does a Nevada Business Owner Avoid Premium Finance Company Bond Claims?

Premium finance companies and their employees are obligated to follow all license regulations pursuant to Chapter 686A of the Nevada Revised Code. Violations of these rules may lead to the Commissioner of Insurance suspending or completely revoking the company’s license. Large fines, civil action, and a bond claim are also possible repercussions.

Violations that may result in a claim on the Premium Finance Company Bond include acts of dishonesty, willful misrepresentation, and committing fraud. For example, inducing an insured to more than one insurance agreement that is not needed in order to charge for more is a license violation and is subject to a bond claim. Any damaged client of the premium finance company may file an official complaint with the Division of Insurance, but the Commissioner can only inflict license penalties onto the company and mandate them to pay the party for losses incurred. If the licensee refuses, a civil action may be pursued. In cases where a Nevada State court rules in favor of the claimant, the surety bond will be tapped to cover the financial damages caused due to the company’s fraudulent or negligent behavior. 

If you receive a court-ordered bond claim notice, contact Jet as soon as possible. To begin the claims process, we will need you to provide us with all available info and documentation for our own investigation of the accused violation(s).

Jet is legally obligated per the Premium Finance Company Bond form to pay legitimate claims. Claim payouts will not exceed the $50,000 bond limit. You, the owner of the premium finance company, are ultimately held responsible for your own actions and the actions of your employees. Therefore you must reimburse Jet for the claim payment made on your behalf. Failure to uphold this obligation will result in future difficulties acquiring surety bonds in the State of Nevada which are typically required to gain licensure status in the insurance industry. 

Nevada Premium Finance Company Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: