VA Title Insurance Settlement Agent Bond

Get a Free Bond Quote!

Apply Online Get a Free Quote Buy Your Bond
Insurance brokers representing clients can apply here.
Powered by
  • Get a free Virginia title insurance settlement agent bond quote
  • Excellent bond options
  • Bad credit program

Watch our video

How Do I Get Bonded?

What Is a Virginia Title Insurance Settlement Agent Bond?

Title insurance settlement agents in Virginia have to register in the state, so that they are allowed to conduct business. A major requirement for your agent registration is to obtain a title agency bond.

The surety bond serves as an extra layer of protection for the state and consumers. It ensures you will follow all relevant Virginia laws. Through a bond claim harmed parties can seek a financial compensation in case you engage in fraudulent practices.

This surety bond is, in essence, a contract between three entities. Your title insurance settlement agent company is the principal. The Virginia State Corporation Commission is the obligee that requires the bond. The third party that provides your bond is the surety.

Questions about Title Agency Bonds in Virginia

Who has to get this bond?

If you to register as a settlement agent in Virginia and conduct settlements and closings, you have to undergo the procedure with the Bureau of Insurance at the State Corporation Commission. You should be already licensed as a title insurance agent in Virginia.

As a part of the registration, you need to provide a $200,000 surety bond which needs to be presented to the Bureau in the official bond form.

The bond guarantees you will comply with all relevant state legislation, such as Chapter 395 of the Virginia Code.

What is the surety bond’s cost?

Title insurance settlement agents in Virginia have to obtain a $200,000 surety bond prior to obtaining their state registration. This is the required bond amount, which is different from the bond premium. For applicants with stable finances, it is typically between 1% and 5% of the bond amount.

Surety Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Virginia title insurance settlement agent bond $200,000 $1,500-$3,000 $2,000-$5,000 $5,000-$10,000 $10,000-$20,000

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Your surety bond cost is determined on the basis of criteria such as your personal credit score, business finances, and any assets and liquidity. When you apply with a surety, it examines these factors to assess the risk associated with bonding you. If your overall profile is trustworthy, you can expect to pay a lower bond premium.

Is it possible to get bonded with bad credit?

Lance Surety Bonds operates its Bad Credit Surety Bonds program for applicants who struggle with low credit scores, tax liens, bankruptcies, and civil judgements. If you are facing financial issues, this may be the right bonding option for you.

The rates for bad credit bonds are slightly higher to compensate for the increased bonding risk. They are usually between 5% to 10%. Our partners are a number of A-rated, T-listed surety companies, which allows us to find you a great bonding rate.

How do I get this bond?

Would you like to learn more about the way bonding works? You can read through our How to Get Bonded page for an in-depth overview.

Have questions or need assistance with your application? You can call us at (877) 514-5146, and our bonding specialists will help you out.

How are bond claims handled for title insurance settlement agents?

Your surety bond protects consumers from potentially unlawful actions that you may undertake. They include not depositing funds in trust or escrow accounts, not settling closings, falsifying documents and other similar illegal activities. A harmed party can file a bond claim if they suffer damages as a result of such actions.

The claimant can seek a compensation up to the penal sum of your bond, which is $200,000. Initially, your surety will pay damages on proven claims. You need to reimburse it fully shortly afterwards. Thus, bond claims are to be avoided, as they are quite costly.

START YOUR APPLICATION It's FREE. No Obligations. Approval in Minutes.

About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

Still Have Questions? Check Our FAQ Pages

What Our Clients Have To Say?

  • Kimberlee Ables
    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!
  • Andrew Poincot
    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!
  • Margie Martinez
    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!

As Featured In