Ohio Title Insurance Agent Surety Bond
The State of Ohio Department of Insurance (ODI) requires that all Title Agents and Agencies that are not employees of an agency and who handle escrow accounts not involving the issuance of title insurance to have an Ohio Title Agent Surety Bond. The bond protects transactions against theft, fraud, missappropriation, or any other problems in the distributing of closing, settling or escrow funds.
Surety Bond and License Requirements:
- Applicants for licensure apply through the National Inurance Producer Registry (NIPR) and pay the applicable license fee.
- Provide the source of the initial funding for the business, a list of full and part-time, leased or borrowed staff positions and any other title agency employment for each, a list of the services and fees that will be offered, a list of work that will be contracted out and the source of the work assistance, a list of business ownership affliation, an organizational chart, and any other supporting documents.
- Title Agents or Agencies are required to obtain a minimum $150,000 surety bond in order to be licensed.
- Applicants (that are not employees of a title agency) must also obtain Error and Omissions Insurance (E&O), the amount of the coverage is based on the escrow account amount.
- Title agents that handle escrow account funds must complete an annual review.
- Records of transactions must be kept fo at least ten years after the effective date of the lender's title insurance policy.
- Licensed agents who are employees of a title insurance company are not required to maintain a separate surety bond.
How Much Will This Bond Cost?
The premium you pay for an Ohio Title Agency Surety Bond is based on credit, and personal and business financial statements.
Related Links:Ohio Title Insurance Agent InformationOhio Title Insurance Agent ApplicationOhio Title Insurance Agent Surety Bond Requirement
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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