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 nation’s leading sources of bonds, CNA Surety and RLI Insurance Company.
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 955 Washington St. Ste 1 in , Norwood 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,waranonwanit@yahoo.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, 955 Washington St. Ste 1, Norwood, MA 02062.
Massachusetts Bonds - Issued By CNA Surety
The prices of most common types of bonds issued by CNA Surety in Massachusetts as below. This is not a complete list of all available bonds. You can buy and renew bond here directly 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
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.
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").
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.
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.
2. Local Bonds
3. Other Bonds
Program to supply Durable Medical Equipment, Prosthetics, Orthotics or Supplies.
This is a “Claims Made” Policy.
4. Probate or Fiduciary Bonds
| 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 |
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 | ||
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 | ||
Massachusetts Bonds - Issued By RLI Surety
Bonds issued by RLI Surety through Red Baron Insurance Agency as below. On click of this bond name, user will be redirected to MyBondApp.Com which is managed by RLI Corp. You can purchase your interested bond over there.
- Real Estate Broker Bond
- City of Boston Public Works Street Opening
- Dishonesty Bond for 1 Year
- Dishonesty Bond for 3 Years - Save with our multi-year discount!
- ERISA Bond for 1 Year
- ERISA Bond for 3 Years - includes Inflation Guard
- Janitorial Bond for 1 Year
- Janitorial Bond for 3 Years - Save with our multi-year discount!
