Hawaii activity desk businesses are required to furnish a surety bond as a prerequisite for licensing. The amount required will be a calculation, which formula is also based on your company’s prior earning history.
Currently, the breakdown for determining the surety required is as follows:
Hawaii also offers a helpful FAQ about activity desk businesses.
Although the amount of surety bond you may require may be different, we’ll use the $50,000, $75,000 and $250,000 surety bond amounts to give you an idea what to expect.
Qualifying is easiest for the $50,000 Hawaii activity desk bond. This is because the bond is issue to you immediately after completing an application, and without a credit check. The application can be taken from you verbally over the phone. The premium is 1%, or $500 annually.
For any amount above $50,000, qualifying is by completion of an application, which you’ll need to sign. A credit check and underwriter review are also standard procedures for approval. The approval requires good business or personal credit. The premium will also be 1% of the amount required.
For the $250,000 surety bond amount, you’ll also need to provide us with a recent business or personal financial statement.
Once the premium is paid, our agency issues and mails your surety bond to you by the following business day.
The purpose of the Hawaii activity desk bond is to serve as a financial guarantee which ensures your compliance with Act 231, SLH as also any future amendments.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit bonds throughout Hawaii and in all 50 states.
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