Rhode Island Administrator/Executor Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Amount and Purpose
As a condition of your Rhode Island court-appointment as an administrator or executor of an estate in probate, the court requires a surety bond of you.
No amount is statutorily specified by Rhode Island statutes; however, you can expect the surety bond to be in an amount commiserate with the value of the estate; or, at least the amount over which you as an administrator/executor will have direct control or access.
The purpose of the surety bond requirement is to serve as a financial guarantee of your compliance with all Rhode Island laws concerning the administration of an estate.
The surety bond, therefore, is for the benefit of the court and any heirs or creditors of said estate.
Qualifying and the Premium
Our agency offers you the Rhode Island administrator/executor bond up to a $250,000 surety bond requirement, typically without a credit check.
If you require an amount greater than $250,000, in addition to a surety bond underwriter review, you’ll need to have good credit.
Beyond this, for these higher amounts, legal counsel is expected to be retained and involved; and you may be asked to provide supporting information or documentation.
For any administrator/executor bond, our agency will need the following from you:
- A copy of the RI court order which appoints you executor/administrator, and which states the surety bond amount required of you;
- A completed surety bond application. The application is usually provided to you via DocuSign. DocuSign will allow you to electronically complete, sign and return your surety bond application;
- Upon review and approval of all submitted documents, payment of at least the first annual premium.
Issuing Your Bond
Our agency issues your surety bond and a Power of Attorney form to you upon payment of the first annual premium.
These documents are mailed to you for signing (of the surety bond) and filing of both documents by you to the presiding Rhode Island probate court.
Annual Renewal of the Premium
The premium for this surety bond renews annually on the anniversary of the bond having been issued, for as long as the court requires surety.
Premiums are not refundable either in part or in whole; they are fully earned upon payment.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…