Third-party administrators handle various administrative responsibilities for entities. For example, a third-party administrator may handle the claims process for an insurance company, or handle only claims related to a company's employee benefits plans.
Many states require the companies or individuals who administer these services to post a third-party administrator bond as part of the state licensing process. The bond is in place to guarantee their compliance with state statutes and regulations, and also extends compensation to vulnerable parties if a third-party administrator violates these statutes and regulations and causes damages or losses to their clients.
For third-party administrator bonds—and all types of bonds—turn to Big "I" Markets partner Goldleaf Surety. Learn more by logging in to Big "I" Markets and selecting Bonds – Bid, Contractor, Performance, Surety. Or, email Big "I" Markets staff and an underwriter will contact you.