Iowa Grain Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Grain Dealer Licensing – Iowa
Iowa grain dealers who are “class one” dealers as defined by the Grain Warehouse Bureau, and who are authorized to issue ‘credit-sale contracts’ (i.e. where buyers pay you more than 30 days after delivery of grain) are required to provide proof of evidence of financial responsibility.
Such proof can be in the form of a $100,000 surety bond which we offer for your compliance.
Qualifying and the Premium
To qualify for the $100,000 Iowa grain dealer bond, you will need to complete a short surety bond application – which we can begin with you over the phone — but which will also ultimately require your signature and that of a non-related witness before submission.
There is also a standard review by an underwriter along with a credit score inquiry.
To be approved, applicants will need to have good credit. If you are approved for this bond, the premium will be $1000, 1% of the amount of surety bond amoun.
Once the bond has been approved and the premium paid, our office will have the original bond immediately sent to you for filing with the state’s Department of Agriculture. You will need to sign the bond as Principal.
We can also email the bond to you at your request; however, it is the original bond that you will ideally want to file.
Duration of Your Bond
At $1000 premium, the Iowa grain dealer bond is issued with a one year term, and thereafter the bond and the premium renew. The option exists to prepay this bond for up to 3 years. Prepayment of the premium allows for a savings over year to year renewal of the bond premium.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $1800, a $200 savings;
- If prepaid for 3 years, the premium is $2600, a $400 savings.
Purpose of Your Surety Bond Requirement
The grain dealer bond is a financial guarantee of your compliance with Iowa Code Chapter 542; and more specifically, that you will be in compliance with all credit-sale contracts as outlined by statutes.
About Our Agency
AmeriPro Surety Bonds is a surety bonds-only agency. We provide grain dealer surety bonds in Iowa, along with license and permit, probate, and court surety bonds.
Our agency also provides surety bonds nationwide.
Please call us today at:
Or, you may fill out the form below and an agent will contact you….