Virginia Passenger Carrier and Broker Bond Guide
If you're applying for a passenger carrier or broker license in Virginia, you need this bond. Use this guide to learn about the bonding process.
Bond Overview
- Purpose: To ensure safe and legal transportation practices
- Who Needs It: All licensed passenger carriers and brokers in Virginia
- Regulating Body: The Virginia Department of Motor Vehicles
- Required Amount: $25,000
- Premium Rate: $250 for a 1-year term
What is a Virginia Passenger Carrier and Passenger Broker Bond?
Code of Virginia 46.2-2011.9 requires individuals file a $25,000 surety bond to be maintained for their first 3 years of passenger carrier and/or passenger broker licensure. State form OA 435 is officially titled the “Passenger Carrier and Passenger Broker Bond" and specifically protects any person who experiences a loss resulting from a licensed carrier or broker's fraud, fraudulent representation, breach of contract, or any other violation of Code of Virginia Chapter 20.
How Much Does a Virginia Passenger Carrier and Broker Bond Cost?
The Virginia passenger carrier and passenger broker bond costs $250 annually. You can save money on your bond premium by choosing our multi-year discount to extend your passenger carrier and passenger broker bond term during checkout! The state requires your bond be maintained for your first 3 years of licensure, so if you pay $625 upfront now you can fulfill your 3-year surety bond requirement and bypass the annual renewal process.
How Do I Get a Virginia Passenger Carrier and Broker Bond?
You can purchase your Virginia passenger carrier and broker bond online 24/7. You'll just need to provide your carrier or broker name and address for Department of Motor Vehicles filing approval. Once your payment has been processed, your official Virginia surety bond will be delivered to your email instantly.
How Fast Can I Get a Passenger Carrier and Passenger Broker Bond?
SuretyBonds.com offers instant Virginia passenger carrier and passenger broker bond delivery 24/7. Purchase now to receive your official passengers broker and common carrier bond in minutes by email.
Why Do You Need a Virginia Passenger Carrier and Broker Bond?
You need to purchase and file surety bond form OA 435 before being licensed as a passenger carrier and/or passenger broker in Virginia. By filing this bond type, you agree to comply with the provisions of Code of Virginia Chapter 20 when operating your transportation business. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full $25,000 bond amount, which you must reimburse in full.
Who Regulates Licensing for Passenger Carriers and Brokers?
The Virginia Department of Motor Vehicles enforces licensing regulations for passenger carriers and brokers working in the state. You can contact the DMV by calling 1(804)497-7100 or by filling out an online form.
The Virginia DMV requires this bond for passenger carrier and passenger broker licensing. If you plan to sell vehicles in the state, the Virginia Motor Vehicle Dealer Board enforces a separate Virginia motor vehicle dealer bond requirement.
Which Parties are Involved in a Passenger Broker or Carrier Bond?
Three parties are involved in this Virginia surety bond type. The obligee that requires the bond is the Virginia Department of Motor Vehicles. The principal that purchases and files the $25,000 bond amount is you, the licensed passenger broker or carrier. The surety is the company that issues the bond and backs your professional performance.
How Do I Update or Change My Passenger Carrier and Broker Bond Form?
If the Virginia Department of Motor Vehicles requires your bond form to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your passenger carrier or passenger brokers name to match your Virginia DMV transportation registration license.
How Do I Renew My Virginia Passenger Carrier and Broker Bond?
You must maintain your $25,000 required bond amount with the state for the first 3 years of your licensure. If you're in your first 3 years of business licensure, you must renew your Virginia passenger carrier and broker bond before its current term expires. Once your payment has been received, renewal instructions will be sent to keep your bond active for your next license term.
How Do I Get a Passenger Carrier or Broker License in Virginia?
To apply for your Virginia transportation of passengers broker license, complete the following steps.
- Fill out your application.
- Purchase and file $25,000 Virginia surety bond form OA 435.
- Pay the $50 filing fee.
To apply for your Virginia passenger carrier license, complete the following steps.
- Fill out your application.
- Meet the bodily and property damage insurance requirements.
- Purchase and file $25,000 Virginia surety bond form OA 435.
- Meet registration and license plate requirements.
- Pay the $50 filing fee.
- Pay the $3 Operating Authority Registration fee for each vehicle.
Find step-by-step licensing instructions in our How to Get a Virginia Passenger Carrier or Broker License guide.
