1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does a Virginia Title Insurance Settlement Agent Bond Cost?
The cost of a Virginia title insurance settlement agent bond is between $2,000 and $20,000. The state requires settlement agents to hold a $200,000 surety bond. However, you do not need to pay the full bond sum. To satisfy the bond requirement, you can purchase the bond for a premium through a surety company.
As an authorized surety company in Virginia, we provide bonds with a bond premium ranging 1% to 10%. Your rate is based on a combination of your credit rating, financial assets and credentials. We also consider credit scores with bad scores.
With a score of 700 or higher, you qualify for a bond rate of 1% to 3%. For example, if you apply for a Virginia title insurance settlement agent bond with a 700 credit score, the cost of your $200,000 bond will be between $2,000 and $6,000.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Virginia Title Insurance Settlement Agent Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
How to Get a Virginia Title Insurance Settlement Agent Bond
1. Apply For Your Bond
When you purchase your title insurance settlement agent bond from our surety company, you will benefit from our simple, three-step process. The first step is to complete the online application. Our bond experts are available to answer your questions and assist you throughout your purchase.
When Rhonda reached out to us recently for a bond, she was uncertain about the process. However, she walked through our process and had the bond she needed right away. After completing the state’s licensing requirements with her new bond in hand, she launched her new title agency business.
2. Get Your Bond Quote
After taking a few minutes to fill out the online application, you will receive an immediate quote. Some applications are more complex, however, and require a deeper review. For these situations, a quote is provided within 48 hours.
3. Purchase Your Bond
After looking over your title agency bond quote, simply pay the premium through our website portal to complete your purchase. You will then receive your bond via email without delay. If you need a mailed copy, please let us know, and we’ll get it out to you right away.
Title Insurance Settlement Agent Bond Requirements in Virginia
The Virginia Bureau of Insurance is responsible for licensing title agencies. The licensing requirements are established under Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia. One of the requirements is a $200,000 surety bond. The bond’s purpose is to compensate victims of settlement agent frauds, errors and omissions.
A bond claim must be made directly to the surety company. If the claim is deemed to be valid, the surety compensates the claimant up to the bond’s total sum. The principal must reimburse the surety for the claim amount.
The surety bond form must name the Commonwealth of Virginia as the obligee. The bond is continuous and can only be canceled by the surety. The surety must give a 60-day written notice to the principal and the obligee to cancel the bond.
The settlement agent must maintain the bond to remain licensed in Virginia. The premium payment is due annually. We support our customers with bond maintenance by providing a payment reminder and instructions prior to the due date.
How to Get Your Title Insurance Settlement Agent License in Virginia
To obtain a settlement agent license in Virginia, you must meet the requirements established by the Virginia Bureau of Insurance. These requirements include:
- Completion of the pre-licensing course and a passing score on the title insurance exam
- Application through SIRCON or NIPR
- Registration with the Virginia State Corporation Commission
- Fingerprinting
- Surety bond
Our surety experts are available to assist you with your title insurance settlement agent bond. For questions about the licensing requirements, please contact:
Virginia Bureau of Insurance
1300 E. Main Street
Richmond, VA 23219
Phone: (804) 371-9967
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!