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A Guide to Auctioneer Bonding
SuretyBonds.com can issue auctioneer bonds nationwide. Whether you work in California, Virginia, New York or Louisiana, we can help!
Most states require that individuals file a surety bond before they can be licensed as a professional auctioneer or auction house operator. Auctioneer bonds protect consumers in the event of fraud or other ethical breaches. With this particular bond, consumers are protected against the substitution of goods and the misrepresentation of auction items by the auctioneer. Continue reading to learn more about auctioneer bonds and how to get one.
What is an Auctioneer Surety Bond
An auctioneer surety bond is a license and permit bond that state governments request of individuals looking to obtain an auctioneer license. The bond ensures that the auctioneer will comply to appropriate business practices. The auction bond also protects the public from auctioneer fraud, false advertising, misrepresentation or mishandling of items, and any other type of illegal behavior.
Learn More About Surety Bonds for Auctioneers
Surety bonds are legally binding contracts that involve three parties. When it comes to auctioneer bonds:
- The state is the obligee that requires the bond.
- The auctioneer is the principal that purchases the bond.
- The surety is the underwriter that produces the bond.
The purpose of an auction bond is to ensure that the auctioneer complies with all laws, rules and regulations relating to the business of being an auctioneer. By providing the bond, the surety agrees to make sure these obligations are upheld.
If an auctioneer fails to uphold the bond’s terms, harmed parties can file a claim against the bond and the surety will ensure the obligations are fulfilled and/or reimburse harmed parties to resolve the situation.
State Specific Costs
Auctioneer bond costs, amounts and requirements vary because each auctioneer license is established on a state level. Select your state below for more information about auctioneer bonds in your area or call 1 (800) 308-4358 to speak with a surety expert.
Pay a Low Rate for Your Auctioneer Bond
Your premium for your auctioneer bond depends on a couple things: your financial stability and how much coverage your state requires. Depending on the health of your credit score, the surety will typically offer a rate of 1-5% of the bond amount. The surety will also consider your financial statement and industry experience.
Your bond premium also depends on the amount of coverage your state requires. An auction bond amount can fall anywhere between $2,000 and $50,000. For example, Louisiana requires auctioneers to file $10,000 bonds that expire annually while California requires $20,000 bonds issued for two-year terms. Surety bonds for auctioneers in New York can be issued instantly for just $100 without a credit check. Contact us today to get a free, no-obligation surety bond quote in your state!
Bad Credit? No Problem!
Like many other surety bonds, auctioneer bond premiums are mainly credit based. Fortunately, SuretyBonds.com can approve 99% of applicants regardless of your credit score. SuretyBonds.com even has an exclusive bad credit bond program designed specifically for applicants with low credit scores. Don't let a poor credit score stop you from getting the bond you need.
Enjoy Quick, Easy & Accurate Bonding
SuretyBonds.com gives every applicant a free, no-obligation surety bond quote. Your bond will be issued as soon as your payment is received. You will then receive a copy of your bond via email, and your original bond form will be shipped to you via your shipping preferences. To get your personalized bond quote, simply call us at 1 (800) 308-4358 or fill out our online contact form.