North Dakota Surety Bond Types
Surety bonds protect a variety of different people in each of the states. The variety of individuals and businesses that qualify for and obtain surety bonds is quite eclectic. This is because most people like to be reassured they are doing business with a company or individual who conducts business in an appropriate and ethical manner. Farmers in North Dakota are no different.
The North Dakota state government knows that farmers work hard year round to ensure they get the most value out of their crops. The last thing they want to worry about is losing their crops in a storage facility after harvesting them. This is why the state of North Dakota requires grain elevator warehouse owners to secure a grain elevator warehouse bond. This bond protects farmers who store their grain in state or federally licensed grain warehouses. If a warehouseman or grain dealer fails the farmer, then the farmer can make a claim on the bond. If the claim is determined to be valid, then the farmer is reimbursed for whatever losses he or she incurred.
Your North Dakota Surety Bond Company
When considering the purchase of a surety bond, it’s important to distinguish the bond from an insurance policy. Although both of these items are forms of protection, they are not actually alike. Bonds protect wronged consumers who are reimbursed by the bonded business or individual. Insurance claims protect the business or individual by paying for their damages.
Governments require most of today’s businesses to secure surety bonds to ensure businesses don’t take advantage of their customers, so it’s important to check with both local and state rules and regulations to make sure your business meets all applicable bonding requirements. However, just because your business isn’t required to be bonded doesn’t mean you can’t take advantage of the extra protection surety bonds offer.
Applying for a surety bond is easier than you might think. As long as you have the necessary financial information, applying for a bond online takes only a few minutes. It’s important to include as much financial information as possible if you want to secure a surety bond with a low rate. After you apply you could get a quote back in as little as two days. Ifyou’re unsure how to begin the process, try browsing for the types of bonds you think are most applicable to you or your business, or contact a surety bond specialist online.