The most common commercial bonds are license and permit bonds, they are a necessary tool used to strengthen industry regulations. For instance the Used car dealer bond; the bond is required by the state for all licensed car dealers and it is in place to protect the public from buying cars without a valid title or maybe two crashed cars welded together and sold as a good car. Either way the bond gives the public recourse if they buy a car and later find out that the used car dealer didn’t follow State regulations.
License and permit bonds vary greatly depending on the bond form itself but generally they’re fairly easy to secure, we need a short app. and sometimes a credit check. Bond premium rates are between 1 and 10%+ depending on credit score.
Looking for a quick and effective surety bond application? We offer surety bonds in Florida, California and the rest of the states in the US. Get in touch with us to discuss your needs!