How Much Do Automobile Insurance Fund Producer Bonds Cost?
Automobile insurance producers in Maryland are required to get a $10,000 bond to get a license. The premium for a Maryland automobile insurance fund producer (MAIF) bond is $100. Get your official bond in minutes:
How Do I Get an Auto Producer Bond in Maryland?
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SuretyBonds.com offers the quickest and easiest way for Maryland auto insurance producers to get bonded. Follow these three steps:
- Step 1: Purchase your bond on our secure, online portal
- Step 2: Receive your official bond form instantly via email
- Step 3: File the bond with the Maryland Automobile Insurance Fund
What Is an MAIF Bond?
The Maryland Automobile Insurance Fund requires all producers to get a bond as part of the state licensing process. Under Section 20-511 of the Insurance Article, Annotated Code of Maryland, this bond allows the state or customers to file a claim against a producer if they cause financial harm due to negligence or faulty business practices.
How Does a Maryland Auto Fund Producer Bond Work?
A surety bond is an agreement between three parties. Here is what that looks like for a Maryland Automobile Insurance Fund Producer Bond:
- Principal: The automobile insurance fund producer purchasing the bond
- Surety: The surety provider issuing the bond
- Obligee: Maryland Automobile Insurance Fund requiring the bond
How to Become an MAI-Licensed Insurance Agent
To become a Maryland Auto Insurance authorized producer, complete the online application. Before applying, be sure to have the following documents ready to upload:
- Completed W9
- Business license from Maryland Insurance Administration, if applicable
- Producer property and casualty license
- $10,000 producer surety bond
- Banking information for Direct Deposit of Commission
- Completed Maryland Auto Insurance Producer Training
Take the first step by purchasing your surety bond today!
