How much does a timber buyer’s bond cost in Indiana?
Indiana timber buying bonds are required by the Indiana Department of Natural Resources. The required amount of these bonds varies based on the principal’s (timber buyer’s) annual timber purchase amounts. Timber buyers with annual purchases totaling $5,000 or less must post a $2,000 surety bond.
Timber buyers with annual purchases totaling more than $5,000 must also post a $2,000 bond, but must add $100 to the total bond amount for every $1,000 of annual purchases over the initial $5,000. The maximum amount for this bond is $20,000, regardless of a principal’s total annual purchase amount.
The cost of this bond is subject to underwriting. To get a free, personalized surety bond quote, give us a call at 1 (800) 308-4358 or click here.
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
By posting an Indiana timber buyer’s bond, principals (timber buyers) pledge to:
- pay for all timber purchased as per agreement with a timber grower
- cut only timber which is lawfully purchased or which the principal has the legal right to cut
- give no false statements in connection with his or her application for license, bond or other information required by the Department of Natural Resources
- honestly account to the timber growers or the Department of Natural Resources for timber purchased or cut
- refrain from committing any fraudulent act in connection with the purchasing or cutting of timber
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What’s the fine print?
Indiana timber buyer bonds are continuous until canceled. The surety can cancel the bond at any time by giving written notice to the timber buyer and the Department of Natural Resources, Division of Forestry 60 days prior to the desired cancellation date.
How to become a timber buyer in Indiana
To become a licensed timber buyer in Indiana, applicants must:
- indicate the calendar year being applied for
- insert the name of the person if it is an individual or the name of the partnership, corporation, etc.
- provide the complete address and telephone number of the principal office in Indiana
- insert the total amount of money paid to timber growers during the past 12 months
- post a surety bond in the proper amount
- provide a check or money order for the license fee payable to the Department of Natural Resources or State of Indiana
- have the application notarized
- and more
A complete list of licensing requirements can be accessed from the Important Links section of this page.
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