A title insurer and its agents need to file a Title Agent/Title Insurer Surety Bond to guarantee the Division of Insurance (DOI) that citizens of Nevada will not be harmed by fraudulent business practices or other violations of their obligations. The bond limit can vary but will be in an amount recommended by the Division that would reasonably recover from such damages.
Purchasing your Title Insurer or Title Agent Bond with Jet allows you to choose the best option for you, whether it is paying for multiple years at a time or our exclusive month-to-month plan that makes your bond affordable regardless of the bond limit.
The Title Agent or Insurer Bond starts at $15 per month with Jet or $225 per year for a $20,000 limit. Rates are determined through underwriting, so a personal credit check is needed. The bond limit is also a big factor in determining rates. In the chart below, you will find approved rates for an applicant with preferred credit at different limits.
The bond limit is equal to 2% of the average collected balance of the trust or escrow account that the agent or insurer maintains, but no less than $20,000 or more than $250,000, according to the Nevada Revised Statutes, Section 692A.1041. The amount must be approved by the Commissioner of the DOI and will be reviewed each year to verify whether the bond holds enough coverage. The title agent or insurer can also reduce or counterbalance the amount approved by the Commissioner through cash deposits, securities deposits, fidelity bonds, or insurance policies that hold liability for economic damage.
As part of the Nevada Department of Business and Industry, the Division of Insurance regulates the insurance industry to secure the financial solvency of insurers and protect consumers from being taken advantage of. This bond reinforces that goal by providing a way for consumers to be reimbursed if the title agent or insurer acts in violation of their obligations.
When you are ready to apply, simply click the button located above! You will be walked through Jet’s simple application that only asks for information needed to provide a quote, such as the bond limit required, general business information, and a social security number. A soft credit check is required to receive a quote, but don’t worry, it does not impact your credit score.
Once the application is complete, you may receive a quote that you’ll be able to purchase right away. Once you complete payment, Jet will send you a copy of the surety bond and a receipt by email.
If your bond limit is over $50,000, your application will be submitted for review. A Jet underwriter may reach out to you for additional information if needed. Once the quote is ready, you will receive an email with a link to purchase the bond. A digital copy of the bond and your receipt are sent after the purchase is complete.
Yes, our team will prepare the Nevada Title Insurer or Title Agent Bond and mail it directly to the Division of Insurance. If you need to submit it on your own (such as with license paperwork), you can select to do so while checking out. The original bond form must be submitted to:
Division of Insurance
1818 East College Pkwy, Ste 103
Carson City, NV 89706
Yes, Jet can refund the unused portion of a bond if you paid for the bond in full. If you need to cancel your bond, please send us a written request (an email to [email protected] will work). The Division will hold the Title Agent/Title Insurer Surety Bond for 60 days before releasing Jet from liability; this time will impact your refund.
Monthly payment plan subscribers are not eligible for a refund. When cancellation is requested, payment will continue during the 60-day period. After the bond is fully cancelled, payments will cease.
Jet makes it easy to renew your bond! You will receive a mailed and emailed notice near the end of your bond term. For monthly payment plans, a renewal isn’t necessary—each completed payment keeps your bond active, but the amount of the payments may be adjusted if your bond limit changes.
Your renewal notice will verify the information that was previously provided or allow for changes to be made. You may be assigned a new bond limit or Jet may require additional information to review, which will be requested at this time. Once the information is verified, Jet will email your quote for the new term.
Title insurers and agents are held to the obligations of their license and to the provisions found in Chapter 629A of the Nevada Revised Statutes. Basically, agents and insurers must conduct business honorably, without fraud or misrepresentation; some examples of expected conduct can be found in 629A.100, which includes maintaining books and records in a way that shows compliance with this chapter, providing all accounts, agreements, transactions, records, and affairs for annual examination, and keeping money from their business separate from personal accounts. If the agent or insurer fails to do so and causes monetary damages to a person, that person can pursue a claim on the Title Agent or Title Insurer Bond to restore the money lost.
The person making the claim (referred to as the claimant) will notify the Commissioner of the Division of Insurance when filing a claim. Jet can choose an action for interpleader, publishing notice of the action in county newspapers for two weeks to allow for other claimants to arise and be resolved. Any costs that emerge from this will be included in the claim.
Instead of waiting around for a court to fulfill an action, Jet will look into the evidence provided by the claimant and anything you can provide for your defense. If you are found to be at fault and there is a way to resolve the matter, now would be the time to do so; if there is no resolution or you refuse to restore the losses, Jet will be obligated to pay the claimant. The amount paid out can be up to the full limit of the surety bond, but if there are multiple claims, they will have equal priority. If the bond limit will not cover all claims, the title agent or insurer will have to pay the claims out pro rata, in addition to paying Jet back for the claims paid out by the bond.