Ohio Surplus Lines Broker Bond

Ohio Surplus Lines Broker Bond

Surplus lines brokers must file a $25,000 surety bond with the Ohio Department of Insurance (ODI) to receive and maintain their license. Jet’s role is to provide the license bond to the surplus lines broker as proof of compliance with Ohio’s laws and the ODI’s regulations, and ensure compensation to any financially harmed person(s) due to the broker’s actions.

QUOTE

Jet is a direct surety company, with no middlemen agents involved. You can be rest assured that you’re getting an affordable rate and we will provide a claims defense, should it be needed.

How Is the Cost of the Ohio Surplus Lines Broker Bond Determined? 

Your personal credit and the bond limit are the two key factors in determining the cost of the bond. With Jet, you can pay as low as $19 monthly or $188 for one year. Check out the different payment options below for an applicant with preferred credit.

Bond TermCost
Monthly$19
1 Year$188
2 Years$328
3 Years$469
Ohio Surplus Lines Broker Bond Cost

Jet’s monthly subscription plan is unique to the market. We understand that license and other fees can add up, and the monthly payment option offers a way to have more financial fluidity when applying for or renewing your license.

Why Is the Surplus Lines Broker Bond Required by the Ohio Department of Insurance?

The ODI is tasked with protecting the public from fraudulent or negligent actions of insurance agents in Ohio. Surplus lines brokers are among those regulated and are required to obtain a surety bond as part of the licensing process. The bond is a level of protection to the Department of Insurance and Ohio’s citizens, which pays out upon request from the ODI when a broker has not fulfilled obligations per the Ohio Revised Code and fails to remedy the situation. A surety company (Jet) is brought in as the guarantor in these cases, so the ODI can assure payment is readily available for any financial damage.

How to Apply for the Surplus Lines Broker Bond With Jet 

We want you to get your bond as quickly as possible, so all that’s required is the information necessary to get you a quote, which consists of your social security number (for the soft credit check) and general license information. Many times, you can get a quote immediately and make payment online, other times a Jet underwriter will quickly review the application details and a quote will be sent to your email when ready. Once payment is made, you will be emailed a copy of the bond and your receipt.

Can Jet File the Bond to the Ohio Department of Insurance for Me?

Yes, we are happy to file the bond to the ODI for you once payment is received. If you would like to file the bond yourself, you can choose that option at checkout.

All documentation should be sent to the following address:

State of Ohio Department of Insurance, Licensing Division
50 W Town Street, 3rd Floor, Suite 300
Columbus, OH 43215

What Happens if I Need to Cancel My Surplus Lines Broker Bond?

It’s no problem at all— Jet allows you to cancel the bond at any time by sending a request via email to [email protected]. Please keep in mind that the bond is required to be a licensed broker in Ohio, so failure to uphold the bond will result in license revocation. Make sure you either have another bond filed or will no longer be operating as a surplus lines broker.

Once we receive your cancellation request we will notify the Superintendent of Insurance and the bond is kept active for an additional 60 days. If you paid for the bond in full, the 60 days must be calculated into any potential refunds. If you pay monthly, no refund is applicable but the payments will end after the 60-day period.

What Is the Renewal Process for the Ohio Surplus Lines Broker Bond?

The benefit of our monthly subscription is that you don’t have to worry about a renewal process. As long as Jet continues to receive payments from your preferred account, the bond will remain active. 

If you choose to pay annually or in multi-year terms, you will receive an invoice to your email and mailing address of record with plenty of time to pay for the upcoming term. You can pay online through the emailed link or send in payment (check or card number) with the invoice mailed to you.

How Does a Surplus Lines Broker Avoid Bond Claims?

You have the important job of negotiating for and obtaining business on property and persons in Ohio from insurers unauthorized to transact business in Ohio and domestic surplus lines insurers. While conducting this business, it is important to follow the regulations set forth in the Ohio Revised Code Sections 3905.30 to 3905.35 to avoid license revocation, fines, or a bond claim.

The Ohio Department of Insurance does not tolerate misconduct, but will generally give you the opportunity to rectify any issue. Claims can generate from the failure to file reports in accordance with Section 3905.36 of the Ohio Revised Code, among other actions.

What Happens if I Get a Surplus Lines Broker Bond Claim?

Jet provides claims defense, so we will investigate the claim details before simply making payment. However, as you most likely already know from working in the insurance industry, valid claims will be paid to the claimant. It is your responsibility to conduct business ethically and legally, and since claims are only paid out when you have failed to do so, you must reimburse Jet for the claim amount up to the full $25,000 bond limit. 

Ohio Suprlus Lines Broker 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: