What are the insurance requirements for Georgia auto dealers? Georgia used car dealers must submit an original $35,000 surety bond and proof of garage liability insurance (minimum of 50k/100k/25k or single limit of $125,000) with their license renewal every even year (2018, 2020, 2022,..) on March 31st. The surety bond must be effective for 2 …
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Not all surety bonds expire on fixed dates; the vast majority expire one year after issuance. But with that said, there are a healthy number of licensing requirements for local, statewide, and even federal surety bonds that do expire on the same date every year, regardless of when the bond was issued. And since we …
Surety Bond Renewals: 3 Helpful Tips for Insurance Agents As a general rule, surety bond renewals are simpler than the initial application. But there are still some things to know that can help ensure the renewal process is smooth and painless for your customer. In this article, we will go over three helpful tips for …
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How Much Does a Surety Bond Cost? A Guide for Agents The process of determining the cost of a surety bond is similar to those of other, more traditional lines of insurance. Underwriters examine the level of risk writing the bond presents to the carrier and then set the premium rate to match this assessment. …
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What Are Surety Bonds and How Do I Explain Them to My Customers? As an insurance agent, you spend the majority of your time matching insurance policies to customers. And it’s likely that your customers are already familiar with the framework upon which most insurance policies are built (i.e. an insured and insurer enter into …
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How to Explain the 4 Key Differences Between a Surety Bond and an Insurance Policy to Your Customers Surety bonds are misunderstood. Most people assume they work like insurance policies because they involve payments when things don’t go as planned. But surety bonds and insurance policies are actually very different animals. When you find yourself …
What is an Obligee? The term “obligee” trips up many insurance agents the first time they hear it. In regards to surety bonds, the obligee is the entity who is requiring your customer to purchase a bond. Surety bonds act as a three party contract between the principal (your customer), the surety company, and the …
Insurance Agent’s Guide to Surety: What is a Surety Bond? In the world of insurance, most of the time you’re processing policies for clients in a fairly well-established pattern. Make sure your customer’s business license is current, confirm their credit standing, and then find the risk profile for their line of work to make sure …
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