Who needs an Auctioneer Surety Bond?
Most states require an Auctioneer Surety Bond for any individual or organization that wishes to obtain an auctioneers license or operate an auction house. This bond is usually required during the licensing process and is generally requested by the local licensing board, the Secretary of State or other similar agencies.
What is the purpose of an Auctioneer Surety Bond?
These license and permit surety bonds ensure an auctioneer’s compliance with all local and state regulation while performing their duties. They also hold auctioneers accountable for all products and assets owed to their customers, as well as the proper cataloguing of all transactions and payments received. Auctioneer Surety Bonds protect customers against potential unfair practices such as the illegal substitution of purchased goods and the misrepresentation of items for auction.
If a harmed party files a claim against the bond and it is found to be valid, the surety company will pay out up to the penal sum of the bond to resolve the claim. Any monies paid out by the surety, including attorney’s fees, must be reimbursed by the principal.
How much are Auctioneer Surety Bonds written for?
The penalty amount for an Auctioneer Surety Bond will vary by state. The following are some of the more popular offerings from Pacific Surety:
- Alabama – $10,000 Auctioneer Surety Bond
- California – $20,000 Auctioneer Surety Bond
- New Hampshire – $25,000 Auctioneer Surety Bond
- Ohio – $25,000 Auctioneer Surety Bond
- Virginia – $10,000 Auctioneer Surety Bond
Please contact your local authority for information about Auctioneer Bond requirements in your state.
How much does an Auctioneer Surety Bond cost?
Pricing for Auctioneer Surety Bonds will vary by state, and your premium will be based on a number of different factors including the following:
- The state requiring the bond
- Amount of the bond
- Term length of the bond
- Personal credit of the applicant
Individuals with good credit can expect to pay 1%-5% of the bond amount. This means qualified applicants could pay as little as $250 annually for a $25,000 Auctioneer Bond. To find out how much your Auctioneer Bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get an Auctioneer Surety Bond with bad credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Auctioneer Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is, and our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 7%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
Can the premium for an Auctioneer Surety Bond be financed?
Yes! Pacific Surety has an industry-leading premium finance program that gives our clients the ability to purchase a bond when the upfront costs might be prohibitive to them. Applicants who choose this option will pay a percentage of their premium as a down payment and the balance of the premium will be paid in 4 monthly installments. Please contact our staff for additional information regarding our finance program.
How do I get a quote for an Auctioneer Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.