Dry Cleaner Surety Bond | AmeriPro Surety Bonds | 844-589-9732
Dry Cleaner Surety Bond
Depending upon your state or local municipality, you may be required to purchase a dry cleaner bond, (also known as a ‘dry cleaner surety bond’).
What is a Dry Cleaners Bond?
A dry cleaners surety bond guarantees that your customers will have their clothing handled in a proper manner, and that a dry cleaners business will be conducted in a manner that is consistent with the law.
What is the amount of a dry cleaners bond and how much will it cost me?
The amount of a dry cleaners bond, if it is required at all, will be determined by the governing body where your dry cleaning business is located.
Therefore, there is no one-size-fits-all amount for a dry cleaner bond.
The amount you will pay for this bond is a small fraction of the face bond amount. This amount will largely be determined by your credit score.
Those with A-1 credit may pay as little as 2% of the face value for a dry cleaners bond; and those with lower credit scores will pay a correspondingly higher premium.
3 Sides to a Surety Bond:
Surety bonds have three parties to the contract:
For a dry cleaners surety bond, the principal is the purchaser of the bond, who is also the owner of the dry-cleaning business.
The obligee for a dry cleaners bond is the entity (city or municipality) on whose behalf the dry cleaners bond is purchased. In this case, the obligee would be the municipality or city of a dry cleaners business.
The surety company is the business who issues the surety bond and has the financial wherewithal to cover claims.
Unlike insurance, however, any claims paid by a surety bond company becomes the obligation of the principal to re-pay in full. This includes any court costs and fees.
Buying your dry cleaners bond with AmeriPro Surety Bonds…
AmeriPro Surety Bonds is an agency whose exclusive focus is surety bonds.
We will gladly work with you to obtain your dry cleaners surety bond.
For those with challenged credit issues, you needn’t worry: Our surety bond company will still help you secure the bond you need at the best pricing available.
Call AmeriPro Surety Bonds today at 844-589-9732