Bail bond agents are insurance agents who sell bail bonds, which are insurance products falling under the surety line of business. Defendants who have the option to post bail in order to get out of jail until their court hearing can arrange for a bail bond (typically arranged by a family member or friend). Bail bonds are therefore used to insure the appearance of a defendant in court and will be forfeited if the defendant fails to appear.
We provide bail bond agents with coverage for errors and omissions insurance (E&O insurance) from highly rated insurance companies. We work with multiple insurance carriers and can offer E&O insurance to new and experienced bail bond agents and all other types of insurance agents and brokers. We can usually find E&O insurance for all bail bond agents, even those who had claims filed against them.
E&O insurance policies for bail bond agents are usually the same as for other insurance agents and are issued on a claims made form. The E&O insurance policy provides coverage for claims made against bail bond agents by reason of an error or omission in the performance of professional services.
As the E&O insurance policy forms vary from carrier to carrier, bail bond agents should carefully review the entire policy, including all endorsements, to ensure that the policy provides adequate protection.