The insurance broker bond protects companies that provide brokers with insurance products. Since the broker acts as an intermediary between the insurance company and the consumer, the company needs to know it receives payment for its products. Insurance brokers often sell many different “brands” of insurance, and the bond reassures each insurance supplier that it will receive the money collected by the broker. State and local governments require insurance brokers to have insurance broker bonds to ensure that their practices are ethical and operate according to the law.
These specialized bonds protect both consumers and the general public against fraud and unethical behavior on the part of the broker. The bond protects against predatory practices such as:
- Using inflated or false quotes to increase profit
- Coercing consumers to purchase inappropriate insurance products
- Encouraging customers to misrepresent themselves on insurance applications
- Encouraging customers to misrepresent their financial situation on insurance applications
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