The vehicle merchandising industry and the surety bond required of those in the auto profession encompasses more than just auto dealers.
Although there is only surety bond, the surety bond includes the following auto-related industries:
The Indiana vehicle merchandising bond is a $25,000 surety bond required of any of the above mentioned businesses.
As an applicant for this bond, you will complete a standard surety bond application (we can take this application from you over the phone).
Also, a credit check will be a factor in determining the surety bond pricing. Our agency utilizes a “soft inquiry” which has no impact on your credit score.
As a broad general rule, a well qualified applicant may pay as little as 1.5-3% for this bond; however, again the amount that any individual applicant will pay may vary widely from this amount.
Our agency will work to provide you the fairest surety bond pricing.
Once issued, the Indiana vehicle merchandising bond is active for one year from the date of issuance.
Options exist to purchase and prepay this surety bond bond for 2 and in some cases 3 years. Doing so offers a savings over year-over-year renewal of the bond.
While required of vehicle merchandisers, a surety bond is for the protection of consumers; it is not a liability insurance policy.
As stated on the surety bond form, the bond is for the protection of the Indiana Secretary of State as a financial guarantee which ensures that fines, penalties, costs and fees will be paid as assessed.
The bond specifically guarantees your compliance with IC 9-32.
As principal of this bond, you will be required to indemnify the surety for any claims paid against your bond, should that ever occur. However, the liability of the bond, excluding attorney fees and other costs, will not exceed the bond amount.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Indiana.
Our agency also provides surety bonds nationwide.
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