What Are the Insurance Requirements for Florida Auto Dealers? Florida used car dealers must submit an original $25,000 surety bond and proof of garage liability insurance (minimum of $25k combined single-limit liability coverage including bodily injury and property damage and $10k personal injury protection) with their license renewal every year by April 30th. How Can …
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 …
Insurance Agent’s Guide to Georgia Auto Dealer Insurance Requirements Read More »
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 …
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 …
What Are Surety Bonds and How Do I Explain Them to My Customers? Read More »
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 …
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