EVR Surety Bond
The MA Registry of Motor Vehicles (RMV) requires any MA insurance agency seeking an Electronic Vehicle Registration (EVR) Permit to have a surety bond in the amount of $10,000. MAIA’s Number One Insurance Agency has partnered with RLI Insurance Company to offer these bonds for MAIA Member agencies. The cost of a 3-year bond is just $250!
What is a Surety Bond?
Put very simply, a surety bond is a contract in which one party (the "Surety") guarantees the performance or obligation of another party (the "Principal") to a third party (the "Obligee"). However, unlike insurance, a bond requires the Principal to reimburse the Surety for any claims paid against the bond. In the case of an EVR Surety Bond, your agency is the Principal; the MA RMV is the Obligee, and RLI Corp is the Surety.
- You receive access to our Bond Submission Portal, which allows you to apply, pay for, e-sign and submit your bond electronically within minutes!
- After you apply and pay for the bond, RLI delivers the unsigned bond to you and Number One.
- Number One will send you the bond via RSign to be electronically signed and filed with the MA RMV via email.
- We offer two bond-term options: The 3-year bond (Cost: $250) saves you money, AND you renew less frequently, or a 1-year bond ($100).
- RLI will bill you to renew your bond automatically.
- And, of course, whenever you write business through MAIA's Number One Agency, you're supporting your Association!
We have a 1-year bond for $100, or save time and money and purchase a 3-year bond for only $250!
*Please note: Agencies with multiple locations will require separate bonds filed for each location.
IMPORTANT: Your application must be completed to match the agency’s entity name stated on the EVR contract, not an individual.
This is a MAIA member benefit. You must have a MAIA membership to access it. If you are not already signed in, please click on the login located in the top right-hand corner of the screen to access the portal.
MAIA Members: Click here to access the EVR Bond Portal!