WHAT IS AN ALABAMA AUCTIONEER SURETY BOND?
In the State of Alabama, an auctioneer license is required for any person or entity who engages in bid calling for a fee, commission or any other valuable consideration at auction. There are four license types available for auctioneers:
- Resident Auctioneer
- Reciprocal Auctioneer
- Non-Resident Auctioneer (Non-Reciprocal)
Per the Auctioneers License Act, auctioneers are required to post a surety bond in the amount of $10,000 as security prior to conducting business in the state.
HOW DOES AN ALABAMA AUCTIONEER SURETY BOND WORK?
Alabama Auctioneer Surety Bonds guarantee that the auctioneer (principal) complies with the Auctioneers License Act No. 811-1973 and protects any person who is damaged by unlawful actions of the principal. If the principal does not comply with the terms of the bond, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum ($10,000) of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety.
WHAT ARE THE TERMS OF THE BOND?
Alabama Auctioneer Surety Bonds are filed with the Alabama State Board of Auctioneers and renew on an annual basis. The bond has an indefinite term and remains in full force and effect until canceled by the surety. The surety may cancel the bond at any time by giving 60-days written notice to the state Board of Auctioneers. The aggregate liability of the surety will not exceed the penal sum of the bond in any event.
CAN I GET AN ALABAMA AUCTIONEER SURETY BOND WITH BAD CREDIT?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Alabama Auctioneer Surety
Bonds. Our strong surety relationships help get your price down as low as possible each year. There is no need to shop your rate – we do that for you! If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
HOW MUCH DOES AN ALABAMA AUCTIONEER SURETY BOND COST?
Alabama Auctioneer Surety Bonds are subject to underwriting, so the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer rates starting at $100 annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
HOW DO I GET AN ALABAMA AUCTIONEER SURETY BOND?
The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.
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.
- Alabama State Board of Auctioneers
- Alabama Auctioneer License Act No. 811-1973
- Alabama Auction Company License Application
- Alabama Auctioneer Bond Form
- Alabama State Board of Auctioneers: Becoming an Auctioneer
Surety Bond Name
Auctioneer Surety Bonds – Alabama
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