Indiana Pharmaceutical Wholesale Distributor Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Pharmaceutical Wholesale Distributors – Indiana
The licensing of wholesale pharmaceutical distributors in Indiana is overseen by the Professional Licensing Agency, Board of Pharmacy.
A prerequisite for licensees is that the appropriate surety bond be filed with the Board.
Amount and the Premium of the Surety Bond
The Indiana pharmaceutical wholesale distributor bond is a $100,000 surety bond required as per IC 25-14-15.
A candidate for this surety bond will be required to:
- Complete a surety bond application;
- Be subject to a personal or business credit check.
A well-qualified applicant may pay as little as 1% annually for this bond; however, the amount of premium required will vary from candidate to candidate.
Qualifying For This Bond
As part of the application process, you will be asked the following:
- Whether or not you have any pending lawsuits or unsatisfied judgments;
- If you have ever had a surety bond canceled or denied;
- If you have ever failed in business or declared bankruptcy;
- Whether or not you have any unsatisfied tax liens or judgments.
With the exception of applicants who are currently in bankruptcy, our agency is confident of its ability to get the majority of persons qualified for bonding.
The Indiana pharmaceutical wholesale distributor bond is issued and active for a period of one year. Thereafter the bond is renewed.
The purpose of this surety bond is to serve as a financial guarantee that any administrative penalties and fees imposed against you by the Board, will in fact, be paid.
Thus, while the bond is required as a condition of licensing, it is not a liability policy.
As principal of this bond, you would be required to indemnify the surety for any claims paid against your bond if that were to occur.
AmeriPro Surety Bonds is a surety-bonds only which provides license and permit, court, and fiduciary surety bonds throughout Indiana.
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