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Auctioneer Bond

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What is an Auctioneer Bond?

An auctioneer bond is a type of surety bond required in several states for auction professionals. This bond is a component of the licensing process for auctioneers getting their business license through the state. Auctioneers need a bond to guarantee that they will perform the duties of their job in line with state regulations. If this does not take place, a claim can be made against an auctioneer bond to offset financial losses that may have occurred.

Not all states require an auctioneer bond as part of the licensing process. However, for those that do, a bond protects the public from illegal or misleading business practices. These activities may include fraud, mismanagement of payments, inaccurate or deceptive advertising, or other misrepresentation. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.

What Does an Auctioneer Bond Cost?

Like other surety bonds, an auctioneer bond is priced as a percentage of the total bond amount that needs to be in place. Typically, this percentage ranges from 1 to 5%, depending on a handful of factors. Your personal credit, business financials, and past bond claim history dictate the rate you are offered. If you have bad credit, for instance, you can still get an auctioneer bond, but the percentage of the bond amount you pay may be on the higher end of the spectrum.

The amount of the bond you need will depend on the state where you perform your auctioneer duties. In certain states, a bond requirement of $10,000 may be necessary for getting your license. You only pay a percentage of the total, however. For example, if your rate is 3%, you pay $300 as your bond premium for that $10,000 auctioneer bond.

How to Get an Auctioneer Bond

Securing your auctioneer bond to meet licensing requirements is a simple process. You can complete a brief form online to get started, providing information about where your business is located and the amount of bond you need. You can also see what the cost of your auctioneer bond may be based on these details.

Frequent Questions

How much does this bond cost?

The cost is usually 1 – 10% of the bond amount. Keep in mind that pricing varies based on the bond amount, and your financial strength.

What is the process?

Apply and get approved on our website, sign the surety agreements, and we will ship the bond out. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.

Can I get this bond with bad credit?

Yes, it’s possible, but bad credit usually results in higher rates.

Does it matter where I get a bond?

Yes. We provide the lowest rates possible as a result of the large volume of bonds we write.

What if a false claim is filed?

You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.

Are you looking for a different type of bond?

You can take a look at our full list of license and permit bonds.

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Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.