Michigan premium finance bonds.
$100 flat.
Michigan licenses insurance premium finance companies under Chapter 15 of the Insurance Code, and MCL 500.1504 requires a $10,000 cash or corporate surety bond, deposited with the state treasurer for the benefit of borrowers who become creditors of the company. Ours is $100 flat.
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How much does a Michigan premium finance bond cost?
$100 at the $10,000 amount, the same for every applicant.
Three steps. One sitting.
Premium finance licensing bonds are among the simplest filings in surety. Here's the entire process:
Apply online
Business details, an effective date, and a term. That is the application. No credit check.
Pay & e-sign
This bond is checkout-priced at $100 flat, so it issues the moment you pay — your executed bond and power of attorney generate on the spot.
File with your license
Your executed bond arrives by email, ready to submit with your premium finance company license filing. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Michigan regulates insurance premium finance companies — businesses that advance insurance premiums and are repaid in installments — under Chapter 15 of the Insurance Code, 1956 PA 218. MCL 500.1504 requires a $10,000 cash or corporate surety bond as part of licensing.
The bond is deposited with the state treasurer for the benefit of any or all borrowers who may become creditors of the premium finance company — it stands behind the money owed to the customers whose premiums you finance.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond has to stay continuously on file with your license; we track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $10,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with your license. Your executed bond arrives by email, ready to submit with your premium finance company license filing. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $100 at the $10,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields — business details, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Other Michigan bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Finish your premium finance license today.
$100 flat, issued the moment you pay, no credit check. Free until issued.