Alaska Primary Fish Buyers and Fish Processors Bond Guide

If you’re applying for a fish buyer or processor license in Alaska, you’ll likely need this surety bond.

Bond Overview

Purpose: To ensure fish buyers pay all wages and fees associated with operating
Who Needs It: Primary fish buyers and processors
Regulating Body: The Alaska Department of Revenue
Required Coverage: $2,000–$100,000
Premium Rate: 1.5–10%, credit-based

Learn all about the bond requirements and process in this guide.

What Is an Alaska Fish Buyers and Processors Bond?

Alaska primary fish buyers and fish processors bond is financial security to ensure payment of the following:

Employee wages
Unemployment benefits contributions
Raw fish transportation service fees
Price of raw fish purchased from independent commercial fishermen

The Alaska Department of Revenue requires this bond as part of the licensing process for all primary fish buyers and processors in the state.

How Much Do Primary Fish Buyers and Processors Bonds Cost?

Alaska primary fish buyers and fish processors bonds cost a small percentage of the required bond amount, typically 1.5–10%.

Your required bond coverage will vary depending on the pounds of fish purchased or processed per year as well as if prior judgments have been made on bonds.

Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type

Cost

$2,000Primary Fish Buyers and Fish Processors BondA fish processor or primary fish buyer that processes 30,000 POUNDS OR LESS of fish a year and purchases $30,000 OR LESS of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $2,000 unless, during the preceding five years, one of the following has occurred:

Subject To Underwriting

$20,000Primary Fish Buyers and Fish Processors Bond(c) A fish processor or primary fish buyer that processes 30,000 POUNDS OR LESS of fish a year and purchases $30,000 OR LESS of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $2,000 unless, during the preceding five years, one of the following has occurred: if the final judgment against the bond was $10,000 or more, the amount of the bond is increased to a total of $20,000;

Subject To Underwriting

$10,000Primary Fish Buyers and Fish Processors Bond(c) A fish processor or primary fish buyer that processes 30,000 POUNDS OR LESS of fish a year and purchases $30,000 OR LESS of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $2,000 unless, during the preceding five years, one of the following has occurred: (1) a final judgment in excess of $2,000 was awarded against the bond required under this section; if the final judgment against the bond was in excess of $2,000 but less than $10,000, the amount of the bond is increased to a total of $10,000;

Subject To Underwriting

$10,000Primary Fish Buyers and Fish Processors BondA fish processor or primary fish buyer that processes MORE THAN 30,000 POUNDS of fish a year or purchas MORE THAN $30,000 of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $10,000 unless, during the five years preceding the application, one of the following has occurred:

Subject To Underwriting

$50,000Primary Fish Buyers and Fish Processors BondA fish processor or primary fish buyer that processes MORE THAN 30,000 POUNDS of fish a year or purchases MORE THAN $30,000 of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $10,000 unless, during the five years preceding the application, one of the following has occurred: If a final judgment in excess of $10,000 was awarded against the bond required under this section; if the final judgment against the bond was in excess of $10,000 but less than $50,000, the amount of the bond is increased to a total of $50,000.

Subject To Underwriting

$100,000Primary Fish Buyers and Fish Processors BondA fish processor or primary fish buyer that processes more than 30,000 pounds of fish a year or purchases more than $30,000 of fish a year shall file a performance bond with the commissioner in the amount specified in this subsection. The amount of the bond is $10,000 unless, during the five years preceding the application, one of the following has occurred: If the final judgment against the bond was $50,000 or more, the amount of the bond is increased to a total of $100,000;

Subject To Underwriting

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.

How Do I Get My Bond?

Working with SuretyBonds.com is the easiest way to get an Alaska fish buyers or processors bond. Just follow these quick steps:

Apply: Submit an online quote request form
Quote: Receive your quote within one day
Sign: Complete the indemnity agreement
Buy: Purchase the bond online 24/7

We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Department of Revenue as instructed.

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.

How Does an Alaska Fish Buyers/Processors Bond Work?

As with all surety bonds, a primary fish buyers and fish processors bond creates a legal contract between three parties:

Principal: You, the fish buyer or processor filing the bond
Obligee: The Alaska Department of Revenue requiring the bond
Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Alaska Statutes 44.025.048.

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.