A resident producer acting as a broker is required to carry what minimum bond amount for policies placed with an insurer not appointed in the previous year?

In Washington, a resident producer acting as a broker is mandated to hold a surety bond when placing policies with non-appointed insurers. The minimum bond requirement established by state law for this scenario is set at $2,500. This bond serves as a form of financial security that ensures brokers operate within the legal parameters, providing a safeguard for any potential claims that may arise from their activities in facilitating insurance coverage with insurers they have not previously established a relationship with.

This bond requirement reflects the state's effort to protect consumers and maintain trust in the insurance market by ensuring that brokers are held accountable for their actions when dealing with insurers that are not appointed in the previous year. A bond amount lower than this would not satisfy the legal obligations, and higher amounts are not specified as the minimum requirement, which further clarifies that the appropriate amount is indeed $2,500.