Louisiana Seismic Insurance Bond |
AmeriPro Surety Bonds | 844-589-9732
A company which is in the business of conducting seismic exploration activity in Louisiana must provide evidence of a $75,000 surety bond.
Besides the surety bond requirement, such companies are also required to maintain a liability insurance policy for $1,000,000. Additionally, a seismic exploration company must:
- Comply with LA 76:I.301.B.4 ;
- Complete a Notification of Beginning of Seismic Exploration Form;
- Hold a public meeting before beginning work which must be advertised in the parish paper of record for at least 30 days.
Qualifying and the Premium
Qualifying for the Louisiana seismic insurance bond is by completion of a surety bond application. A standard credit check inquiry which will be reviewed by an underwriter is also standard. All credit checks are “soft” pulls which do not adversely affect your credit score.
As part of the application process, you will be asked:
- Whether the business or any principal has any lawsuits or judgments against them;
- Whether or not you have ever had surety bond canceled;
- Whether or not you have failed in business or declared bankruptcy;
- Whether or not you have any unsatisfied collection items or liens.
Applicants for this surety bond, if approved, will pay 2%, or $1500 for this bond. With this surety bond, one is either approved at this price or declined altogether.
Term of Your Bond
The Louisiana seismic insurance bond is issued with a standard term of one year. The bond and the surety bond premium are renewed on an annual basis.
Purpose of Your Surety Bond Requirement
Your seismic insurance surety bond is a financial guarantee for the state of Louisiana which guarantees:
- Payment for any and all charges and fees;
- Claims made for damages done to an individual and/or property;
- Payment for any penalties and fees assessed against your company or any agents or employees of your company.
You should also note that any fees assessed and not paid within 30 days, will also be charged an additional 12% per annum on any unpaid balance.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Louisiana.
Our agency also provides surety bonds nationwide.
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