Iowa Pharmacy Wholesale Distributor Bond
AmeriPro Surety Bonds | 844-589-9732
Pharmacy Wholesale Distributors – Iowa
Iowa Pharmacy wholesale distributors are regulated by the state’s Board of Pharmacy.
Applicants for the pharmacy wholesale distributor license are required to furnish evidence to the Board of one of two surety bond amounts:
- Pharmacy wholesale distributors who have less than $10 million dollars in gross sales from the prior calendar year require a $25,000 surety bond;
- Iowa pharmacy wholesale distributors who have more than $10 million dollars or more in gross sales require a $100,000 surety bond.
Qualifying and the Premium
Applicants who require a $25,000 Iowa wholesale pharmacy distributor bond will simply complete an application and pay the premium of $250. For the $25,000 surety bond amount, there is neither an underwriter review nor a credit check for this bond.
Applicants who require a $100,000 surety bond, will, in addition to a completed surety application, undergo a credit check. Good credit will be required in order to be approved for this surety bond amount..
Upon your approval, the premium will be 1%, or $1000 for this bond’s issuance.
In both cases, once the premium is paid the bond is issued immediately, an emailed copy can be provided to you, and the original surety bond will be sent by the following business day.
Surety Bond Term
For both bonds, the premium is issued with a standard one year term; thereafter, the bond and the premium alike renew. The option exists to prepay both bonds for up to 3 years, thereby lengthening the time between renewals and offering you a savings at the same time.
For the $25,000 surety bond, the premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $450, a $50 savings;
- If prepaid for 3 years, the premium is $650, a $100 savings
The $100,000 surety bond will have premium prepayment options and savings which 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
For both the $25,000 and $100,000 surety bond amounts, the Iowa wholesale pharmacy distributor bond is a financial guarantee of your compliance with all laws, regulations, and any future amendments concerning your professional conduct.
The bond form has more details on the particular statutes which regulate your chosen profession.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Iowa.
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…