North Carolina Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose and Amount
As a court-appointed North Carolina personal representative/executor or an administrator, if you’re reading this, it’s quite possible that the court requires you to obtain a surety bond.
The surety bond requirement is simple enough: It is for the protection of the estate, and any heirs or creditors. What it is not is an insurance policy.
In North Carolina, according to Article 8, § 28A-8-2 (3) a, as amended, when a personal representative is required to obtain a surety bond, the amount will be:
- 1 ¼ times the value of all the personal property of the decedent;
- Or, if the value of the personal property is greater than $100,000, the amount of surety bond required will be the value of the personal property + 10%.
Qualifying and the Premium
Our agency offers you the North Carolina personal representative bond up to $250,000, typically, without a credit check inquiry.
If you require an amount greater than $250,000, approval of your probate surety bond is subject to further review of your application by a surety bond underwriter. This review will include a credit check. To be approved at these higher amounts, good credit will be required.
You may also be asked to provide supporting information or documentation as a condition of your application’s approval.
For a personal representative/executor bond in any amount, our agency will need the following from you:
- A copy of the North Carolina court order appointing you as personal representative/executor, etc., and which states the surety bond amount required of you;
- A completed application. We can usually provide an application to you via DocuSign. This will allow you to sign, complete, and return the application to our agency;
- Upon approval of your surety bond, payment of the first annual premium.
Your surety bond and a Power of Attorney form are issued to you upon payment of the first annual premium. These will be sent to you for signing.
Upon receipt, you’ll sign and file the completed documents with the respective North Carolina probate court.
Annual Renewal of the Premium
The premium associated with your personal representative/executor bond renews annually on the anniversary of your bond’s issuance for as long as the court requires surety.
Premiums paid are earned in full and are non refundable in whole or in part.
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