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:
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:
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.
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.
Your seismic insurance surety bond is a financial guarantee for the state of Louisiana which guarantees:
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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