License & Permit Bond

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License & Permit Bonds

License and permit bonds are a sub-category of commercial bonds, which deal specifically with obtaining licensing and permitting to conduct business. License and permit bonds can be used for a wide range of industries and businesses.

License and permit bonds are designed to protect the general public, by holding businesses accountable to the government agency that supplies its license or permit. These government agencies uphold the federal, state, and local laws and regulations surrounding the specific industry.

If a business breaks the rules outlined in their licensing or permitting agreement, claims can be filed against the business’s license and permit bond.

While thousands of unique license and permit bonds exist, here are some of the most common types of license and permit bonds:


Appraisal Management Company Bond
For appraisal management companies, this surety bond requires that they operate according to the law.

Auctioneer Bond
For auctioneers, this surety bond may be required by the state prior to being legally licensed.

Auto Dealer Bond
For auto dealers operating anywhere except Ohio and Vermont, this surety bond will be required before being able to sell vehicles to the general public.

Cannabis Bond
For medical marijuana and recreational marijuana dispensaries, cultivators, processors, and retailers, these surety bonds are required by some states as part of the licensing requirements to conduct business in a lawful manner.

Collection Agency Bond
For collection agency owners, this surety bond may be required by the state before the company can be legally licensed to collect outstanding debts.

Contractor License Bond
For construction professionals, this surety bond is required in most states in order to build, repair, or renovate any public or private structure.

DMEPOS Bond
For suppliers of durable medical equipment, prosthetics, orthotics, and other related materials, this surety bond is required before the company is able to bill Medicare.

Energy Broker Bond
For energy broker businesses, this surety bond is often required prior to being able to encourage customers to switch energy providers based on competitive rates and other factors.

Federal Maritime Commission (BMC-48) Bond
For ocean transportation intermediaries, this surety bond is required by the Federal Maritime Commission as proof of financial security.

Freight Broker Bond
For freight brokers, this surety bond is often required at a minimum of $75,000 to ensure that the company operates in line with the agreements and regulations outlined by their motor carriers and shippers.

Fishing License Bond
For businesses that sell fishing licenses, this surety bond guarantees that the company will adhere to the proper regulations, including the timely payment of taxes and fees.

Health Club Bond
For health clubs, this surety bond guarantees membership fee reimbursement to customers if the company unexpectedly closes or becomes unusable.

Hunting License Bond
For businesses that sell hunting licenses, this surety bond is required by most states before being legally permitted to sell licenses.

Insurance Broker Bond
For insurance brokers, this surety bond is designed by government agencies to protect the general public against predatory sales practices and other unethical behaviors.

Marijuana Surety Bonds
For medical marijuana and recreational marijuana dispensaries, cultivators, processors, and retailers, these surety bonds are required by some states as part of the licensing requirements to conduct business in a lawful manner.

Medicaid Bond
For healthcare providers that bill to Medicaid, this surety bond ensures that providers keep accurate records, bill correctly, and handle funds properly.

MMA Promoter Bond
For professional sports promoters specific to an MMA fighter or event, this surety bond is often required prior to being licensed by some states.

Mortgage Broker Bond
For mortgage brokers, lenders, services, and originators, this surety bond protects clients and is required by most states.

Notary Bond


For notary public businesses, this surety bond ensures the professional will follow the regulations surrounding notarizing documents.

Outdoor Advertising Bond
For outdoor advertising companies, this surety bond must be purchased in some states before the company is able to install signage.

Payday Loan Bond
For payday loan companies, this surety bond guarantees fair lending practices when issuing loans to the general public.

Patient Trust Bond
For nursing homes and assisted living facilities, this surety bond ensures that the business and its employees will handle patients’ funds and property appropriately.

Private School Bond
For private schools, this surety bond guarantees reimbursement of tuition and other financial recourses if the school closes.

PEO Bond
For professional employment organizations, this surety bond is designed to reduce fraud and other instances of malpractice within the industry.

Surplus Lines Broker Bond
For surplus lines brokers, this surety bond is often required prior to being able to place coverage with non-admitted insurers in a state.

Telemarketing Bond
For telemarketing companies, this surety bond ensures compliance to non-harassment and other industry regulations and laws.

Title Agency Bond
For title agencies, this surety bond is required before the company is able to get licensed to search real estate records to determine the legal ownership of properties and find any outstanding financial implications that need to be settled before the property can be sold.

Travel Agency Bond
For travel agencies, this surety bond protects clients by ensuring the company will handle their funds properly to purchase elements of the itinerary and other agreed upon costs.

Used Car Dealer Bond
For used car dealers, this surety bond is often required in addition to the auto dealer bond to assure clients that the company is following all laws and regulations related to used car sales.

GENERAL LIABILITY INSURANCE

Commercial General Liability Insurance (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury and property damage caused by the business’ operations, products, or injury that occurs on the business’ premises. Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.

Lost Document Bond

A Lost Document Bond (also known as a Lost Instrument, Lost Note or Lost Deed Bond) is used when a financial certificate is lost or stolen. Before the bank or financial institution issues you a replacement, they might require you to secure a Lost Document Bond.

License Bonds, Permit Bonds and Miscellaneous Guarantee Bonds

A license and permit bond guarantees that a business will operate in accordance with federal, state, or local laws and regulations. Each license bond is specific to one industry, and protects customers and/or the state from damages. Most commonly, license bonds protect governments and consumers from fraudulent practices committed by the business that is bonded. In any industry that requires bonding, each business must be licensed and bonded before they are allowed to legally operate.

CONTRACTORS GUARANTEE BOND

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.

Errors and Omissions Insurance (E&O)

Errors and Omissions Insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.

Auto Dealer Bonds

Auto Dealer Bonds are guarantees that protect your customers. Should you break the rules, your clients can make claims against your bond which you’re responsible to pay. For example, if you sell a vehicle with invalid tags, a claim can be made.

 
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