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Virginia Fidelity Bonds for Trust Companies

Virginia requires trust-company officers and employees to be bonded before acting, and the board may use blanket coverage; the State Corporation Commission can increase the penalty amount. Ask the SCC whether its current direction changes the limit for your trust company. 1

What Is Fidelity Bonds?

Fidelity coverage can reimburse certain losses when employees steal money or property they handle. If employees manage company funds, customer property or benefit-plan assets, identify each owner and compare the required protection for each interest. Read the national Fidelity bonds guide.

Virginia Requirements

RequirementDetails
State bond requirementRequired before duties; SCC may increase amount 1

What to Watch for in Virginia

  • Check Who the Bond Protects

    Virginia separately requires a $100,000 blanket fidelity bond for certain real-estate settlement agents. If your trust or settlement business falls in both regimes, verify each obligation and do not count a single limit twice. Ask the regulator or appointing institution to confirm who receives payment after a covered loss; a required bond may protect a client or institution rather than reimburse your company. 1,2

  • Match the Bond to Covered Roles

    Virginia requires trust-company officers and employees to be bonded before acting, and the board may use blanket coverage; the State Corporation Commission can increase the penalty amount Ask for the named insured, covered people, dishonesty definition, and claim notice rules in the bond form before relying on it for employee access to money or client property. 1

  • Separate the Bond from Your Crime Policy

    Virginia’s rule sets a specific bond obligation for trust companies. Ask the agent to compare that bond with first-party employee-theft, forgery, funds-transfer, and computer-fraud coverage; confirm whether the bond limit can be used for your own loss. Virginia separately requires a $100,000 blanket fidelity bond for certain real-estate settlement agents. If your trust or settlement business falls in both regimes, verify each obligation and do not count a single limit twice.. 1,2

Who Regulates Insurance in Virginia

Virginia State Corporation Commission, Bureau of Insurance

The Virginia State Corporation Commission, Bureau of Insurance administers Virginia insurance laws, oversees insurers and insurance producers within its authority, and provides regulatory and consumer resources. You can use the department's complaint process to raise an insurance issue and its licensing resources to check insurance professionals. 3,4,5

Surplus-lines tax and stamping office

Reported tax rate: 2.25% of premium plus up to 0.1% Bureau Special Fund assessment The NAIC's state chart lists a 2.25% of premium plus up to 0.1% Bureau Special Fund assessment charge for surplus-lines coverage for Virginia (the chart's state entries were reviewed in October 2025). Your broker may collect the applicable amount with the premium. Surplus-lines insurers are not licensed in the state and generally are outside state guaranty-association protection; ask your broker to explain the insurer's financial protections and any diligent-search requirement that applies to your placement. 6,7

Providers With Documented State Licenses

These providers publish a national listing for Fidelity bonds; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in Virginia. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

  • TechInsuranceSpecialty Program Group LLCInsurance producer · checked 2026-09-28TechInsurance’s current licensing page names Specialty Program Group LLC / SPG Insurance Solutions and lists state license numbers, but labels Rhode Island “Individual licenses” rather than identifying a license for the named agency. RI is omitted because this disclosure does not establish agency authority there; this is a search limitation, not an assertion that the company is unlicensed. The remaining state entries are company-reported and are not an insurance product availability map. 13
  • VouchVouch Specialty Insurance Services, LLCInsurance producer, Surplus-lines broker · checked 2026-09-28Vouch’s licenses page, effective January 16, 2025, lists producer licenses in all 50 states and DC. Its separate surplus-lines table includes Idaho number 870820, while a footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses. Because those statements conflict for Idaho, this record keeps Idaho producer-only and does not treat the table number as established agency surplus-lines authority. The page is company-reported and does not establish product availability. 14

Questions to Ask Before You Buy in Virginia

  1. Which statute or regulator rule makes this bond mandatory for my trust companies business in Virginia?
  2. Who is protected by the required bond, and are all employees, agents, officers, or committee members with access to funds included?
  3. How did you calculate the required limit for my charter, assets, premiums, or staffing structure?
  4. What claim notice, cancellation notice, and replacement-filing deadlines apply to this bond?

Fidelity Bonds in Virginia: FAQ

Is a fidelity bond required for trust companies in Virginia? 1

Yes. Virginia requires trust-company officers and employees to be bonded before acting, and the board may use blanket coverage; the State Corporation Commission can increase the penalty amount. Ask the SCC whether its current direction changes the limit for your trust company. 1

How much fidelity coverage does Virginia require? 1,2

Required before duties; SCC may increase amount. Virginia separately requires a $100,000 blanket fidelity bond for certain real-estate settlement agents. If your trust or settlement business falls in both regimes, verify each obligation and do not count a single limit twice. 1,2

Fidelity Bonds in Other States

Other Coverage in Virginia

Sources

  1. Code of Virginia § 6.2-1027. Virginia General Assembly; Trust-company officer and employee fidelity bond. Accessed 2026-09-29.
  2. Code of Virginia § 55.1-1004. Virginia General Assembly; Real estate settlement agent fidelity bond. Accessed 2026-09-29.
  3. Virginia State Corporation Commission, Bureau of Insurance. Virginia State Corporation Commission, Bureau of Insurance; Official regulator website; insurance oversight and consumer/professional resources. Accessed 2026-09-28.
  4. Insurance Department Directory. National Association of Insurance Commissioners; Virginia State Corporation Commission, Bureau of Insurance entry; official contact and website listing. Accessed 2026-09-28.
  5. Surplus Lines Insurance Premium Taxes. National Association of Insurance Commissioners; VA row; state surplus-lines premium-tax rate reviewed October 2025. Accessed 2026-09-28.
  6. Guaranty Associations & Funds. National Association of Insurance Commissioners; Coverage of claims from insolvencies of insurers licensed in a state; surplus-lines insurers are nonadmitted. Accessed 2026-09-28.
  7. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  8. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  9. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  10. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  11. Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
  12. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  13. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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