What is the maximum amount a resident broker's bond can be capped at?

In Washington, the maximum amount for a resident broker's bond is indeed capped at $100,000. This requirement is established to ensure that brokers maintain a level of financial responsibility that protects policyholders and other stakeholders in the insurance marketplace. The bond serves as a form of security that provides recourse in the event that a broker fails to meet their obligations or engages in wrongful acts. By setting the cap at this amount, regulators aim to balance the need for consumer protection with the operational viability of insurance brokers. This amount reflects an appropriate level of financial assurance given the relatively high risks associated with surplus lines insurance.