Surety Bonds

Massachusetts Real Estate Broker & Entity Bonds
Red Baron Insurance is a fast-growing independent insurance agency in the Brookline area just outside of Boston. Richard A. Giovangelo has been serving the Massachusetts community and has held the highest number of insurance policies for real estate broker and entity bonds since the late 1990s. We issue bonds through one of the nation’s leading sources of bonds, CNA Surety.

Mortgage broker bond - Are you in need of a mortgage broker bond? We provide you with fast, convenient service for a mortgage lender or mortgage broker bonds. The Massachusetts Division of Banks(DOB) requires that all licensed mortgage lenders and mortgage brokers must maintain a surety bond to operate in their businesses. We also have very competitive rates.

 

  • State Bonds - Massachusetts
  • Local Bonds - Boston
  • Other Bonds
  • Probate or Fiduciary Bonds
  • Dishonesty Bonds
  • Janitorial Services Bonds

Submit Bond Request or call 617-734-3237 for expert advice.

Real estate broker Bond - Massachusetts law requires that all real estate brokers be bonded; not only to sit for the broker exam but also while licensed. Your broker’s license is renewed every two years and the bond is in effect for five (5) years. Every five years, each bond holder will be notified 30 days prior to the expiration of their bond that their bond needs to be renewed.

If you wish to obtain your bond upon completing the broker class, you must register for the examination first to be issued a confirmation number. This number is important in the registration process of the exam and before filing for your bond. Please contact our office at 617-734-3237 or stop by 310 Harvard Street, 2nd Floor in Brookline to file for a bond anytime during business hours Monday thru Friday 10 am to 3pm. You may now send in a request by emailing us at rgiovangelo@redbaroninsurance.com

For more information regarding your testing company please contact PSI Services, Inc. given to you by the instructor. To be tested for licensure you will need to provide the confirmation number on the proper bond form when you arrive at the exam center. Note: If you need a bond and you are a Massachusetts real estate broker, entity or any application from the board of real estate, you will need to provide a license number, or a professional ID number given to you by the board.

To receive a bond, payment must be made in cash, credit card, or check (payable to Red Baron Insurance Agency). To receive bond online please fill out the application form below and upload it during buying bond. To receive bond offline you can mail it to the Red Baron Insurance Agency, P.O. Box 296 Brookline, MA 02446.

Massachusetts Bonds Summary

The prices of most common types of bonds in Massachusetts as below. This is not a complete list of all available bonds. We encourage using submit bond request feature or email or fax to submit any bond request for underwriting review. Please contact us with any questions, for help making a submission or to ask about a bond you may not see listed here.

1. State Bonds

Application Form: Form 10-E
Rate: $750 annual, Amount of Coverage: $75000

We provide you with fast, convenient service for a mortgage lender or mortgage broker bonds. The Massachusetts Division of Banks(DOB) requires that all licensed mortgage lenders and mortgage brokers must maintain a surety bond to operate in their businesses. We also have very competitive rates.

The DOB's regulation 209 CMR 42.03(2)(a) requires mortgage lenders to maintain a bond in a sum to be based on the amount of the Applicant's aggregate mortgage loans, as determined by the Commissioner, but in no event shall the sum of the bond be less than $100,000, up to a maximum of $500,000; provided that the sum of such bond may be increased by the Commissioner at any time to such amount up to the $500,000 maximum, as shall be shown to be necessary. The surety bond must contain a clause that the insurance company will notify the Commissioner at least 30 days prior to canceling the surety bond for any reason. The bond is required to be filed with the Treasurer and Receiver-General of the Commonwealth of Massachusetts. New mortgage lender license applicants are required to establish and maintain a bond of $100,000 at the time of initial application.

The DOB's regulation 209 CMR 42.06(2)(a) requires mortgage brokers to maintain a bond of $75,000 in such form and with such sureties as may be approved by the Commissioner. The surety bond must contain a clause that the insurance company will notify the Commissioner at least 30 days prior to canceling the surety bond for any reason. The bond is required to be filed with the Treasurer and Receiver-General of the Commonwealth of Massachusetts. We have authority to issue lender and broker mortgage bonds and can also handle larger bonds quickly and efficiently.

Freely written, only Principal's name and address are needed.

Application Form: Form 10
Rate: $250 annual, Amount of Coverage: $25000

Massachusetts General Laws, chapter 255F, section 12, and the Division's implementing regulation at 209
CMR 41.04(2)(b) require a licensed mortgage loan originator ("Principal") to furnish a surety bond in an amount as
determined by the Commissioner of Banks ("Commissioner"), the Principal is required to furnish a surety bond in the
amount of twenty-five thousand dollars ($25,000) and to file the same with the Treasurer and Receiver General of the
Commonwealth of Massachusetts for the use of the Commissioner of Banks ("Commissioner").

Rate: $50 for 5 year term, Amount of Coverage: $5000

Massachusetts law requires that all real estate brokers be bonded; not only to sit for the broker exam but also while licensed. Your broker’s license is renewed every two years and the bond is in effect for five (5) years. Every five years, each bond holder will be notified 30 days prior to the expiration of their bond that their bond needs to be renewed.

Freely written, only Principal's name and address are needed.

Application Form: Form 10-E
Rate: $200 annual, Amount of Coverage: $20000

This bond would need to be issued in order to operate as a licensed real estate school in the state of Massachusetts. A corporation existing under the laws of the state of Massachusetts that transacts business of Surety in the Commonwealth and are held and firmly unto the Commonwealth of Massachusetts, as Obligee.

Application Form: Form 10-E
Rate: $250 annual, Amount of Coverage: $25000
Used dealer bonds are underwritten based on the owner's personal credit. New car / franchise dealers are underwritten readily with no personal credit review.
Application Form: Form 10
Rate: $15/K
Freely written, only Principal's name and address are needed for requests up to $25,000. Requests over $25,000 are underwritten based on the applicant's personal credit and proof of ownership up to $50,000.
Application Form: Form 10-E
Rate: $165 for 3 year term, Amount of Coverage: $10000
Freely written, only Principal's name and address are needed.
Application Form: Form 10-E
Rate: $100 annual, Amount of Coverage: $5000
Freely written, only Principal's name and address are needed.
Application Form: Form 10-E
Rate: $100 annual, Amount of Coverage: $10000
Freely written, only Principal's name and address are needed.
Freely written, only Principal's name and address are needed for requests up to $50,000. Requests over $50,000 are underwritten based on the applicant's personal credit up to $100,000.
Rate: $250 annual, Amount of Coverage: $25000
Underwritten based on the owner's personal credit.
Application Form: Form 10-E
Rate: $100 annual, Amount of Coverage: $10000
Freely written, only Principal's name and address are needed.
Rate: $12/K
Freely written, only Principal's name and address are needed for requests up to $10,000. Requests over $10,000 are underwritten based on the applicant's personal credit up to $50,000.

2. Local Bonds

The bonds listed below are only the most commonly written local bonds in Massachusetts and is not a complete list of local bonds.
Rate: $100 annual, Amount of Coverage: $20000
Freely written, only Principal's name and address are needed.
Freely written, only Principal's name and address are needed for requests up to $25,000. Requests over $25,000 are underwritten based on the applicant's personal credit up to $100,000.

3. Other Bonds

Our FAST-Track Application is designed for contractors requiring bid and payment & performance bonds for projects up to $400,000 (no financial statements needed). Also, for consideration of contractors needing aggregate bonded work programs in excess of $400,000, up to $800,000 we will gather additional information using page 2 of the FAST-Track application.
Application Form: Form 10
Rate: $10/K
Receiver bonds are freely written up to $100,000. Replevin bonds are underwritten based on credit up to $20,000 for individuals and are freely written up to $100,000 for financial institutions. Defendant bonds require a signed and completed Form 10 Application with business and personal financial statements.
Application Form: Form 10
Rate: $20/K
Receiver bonds are freely written up to $100,000. Replevin bonds are underwritten based on credit up to $20,000 for individuals and are freely written up to $100,000 for financial institutions. Defendant bonds require a signed and completed Form 10 Application with business and personal financial statements.
Application Form: Pension Trust Form
Rate: $5/K
$50 minimum per position covered and $100 minimum per bond. Simplified underwriting with our Pension Trust Application Form.
Application Form: Form 10-E-DMEPOS
Rate: $5/K
For applicants requiring the $50,000 bond to participate in the Medicare.
Program to supply Durable Medical Equipment, Prosthetics, Orthotics or Supplies.
Application Form: Form 10
Rate: $250 annual, Amount of Coverage: $25000
This family of bonds includes packers and stockyards, sales tax, utility deposit, and other hazardous bonds covering payment of fees or taxes. We need a completed and signed Form 10 Application with business and personal financial statements.
We need our brochure fully completed with all questions answered. Coverage available for limits of: $10,000 single/$20,000 aggregate, $25,000/$50,000, $50,000/$100,000 or $100,000/$200,000.
This is a “Claims Made” Policy.
Description of Public Official, Individual bonds freely written up to $100K. Underwritten based on the applicant's personal credit and additional underwriting review over $100K with Form 10 Application. We also consider name and position schedule bonds.

4. Probate or Fiduciary Bonds

Application Form: Form 10-E
Amount of Bond Per $1,000
Up to $5,000 $10.00
$5,000 - $50 and for each additional K to $200K $6.00
$200,000 - $1,220 and for each additional K to $500K $4.00
$500,000 - $2,420 and for each additional K $2.00
Complete section 3 on the 2nd page of the Form 10 Application.
Administrator: Freely written up to $25K and with conditional questions up to $50K. Underwritten based on the applicant's personal credit and with conditional questions up to $500K. Underwriting review over $500K.
Guardian/Conservator: Freely written with conditional questions up to $50K. Underwritten based on the applicant's personal credit with conditional questions up to $500K. Underwriting review over $500K.

5. Dishonesty Bonds

No of Employees Amount of Coverage Rate
5 or less
$10000 $126 annual
$25000 $187 annual
$50000 $257 annual
$100000 $359 annual
more than 5 Contact us for premium
In order to protect employers and employees against unjustified allegations of dishonesty, the employee must be convicted on Form B Dishonesty and Janitorial Service Bonds.

6. Janitorial Services Bonds

No of Employees Amount of Coverage Rate
5 or less
$10000 $126 annual
$25000 $187 annual
$50000 $257 annual
$100000 $359 annual
more than 5 Contact us for premium
In order to protect employers and employees against unjustified allegations of dishonesty, the employee must be convicted on Form B Dishonesty and Janitorial Service Bonds.

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