Maryland Pharmacy Wholesaler Bond |
AmeriPro Surety Bonds | 844-589-9732
Pharmacy Wholesalers – Maryland
The Maryland Pharmacy Board regulates the licensing of new and current (renewal) pharmacy wholesaler applicants.
The Board formally describes the profession as that of a “wholesale distributor”.
One of two surety amounts is required. The amount is based on your production levels. Both amounts are available from our agency, the smaller of which can be issued with no credit inquiry, as an instant issue bond.
Amount of Surety Bond Required
The Maryland pharmacy wholesaler bond is required in one of two amounts. The breakdown is as follows:
- If your annual gross sales for the prior tax year are less than $10,000,000 (you will need to provide documentation to the Board —not our agency – to demonstrate that your production levels do not exceed this threshold), a $50,000 surety bond is required;
- For gross annual receipts above $10,000,000, a $100,000 surety bond is required.
Qualifying for the Wholesaler Bond
For the $50,000 Maryland pharmacy wholesaler bond:
Qualifying is by means of a surety bond application and payment of the premium, $500. There is no credit check for the $50,000 bond.
The surety bond thereafter is issued to you immediately, and an emailed copy can be sent to you at no extra charge. The original bond with the wet signature will be sent the same or the following business day.
For the $100,000 pharmacy wholesaler surety bond:
Qualification can take place in one of two ways. The first, and the more common method, is by means of the standard surety bond application along with a credit check.
The bond price will be determined by the results of information provided on your application and a credit inquiry.
The second method for the $100,000 wholesaler bond offers streamlined processing, if you qualify. To qualify, you must meet all of the following conditions:
- You have never been convicted of a felony;
- No companies which you own or control have ever been insolvent or declared bankruptcy;
- You have never had a surety bond canceled, declined, or terminated;
- Neither you nor any companies controlled by you have unsatisfied judgments, tax liens, or lawsuits;
- The surety bond you are purchasing does not cover pollution or environmental exposure;
- You have been in business for at least 3 years, at the same location, same business name and ownership.
Pricing, if you qualify (and you may qualify for the same pricing without meeting the above), is as follows:
- $1000, for one year;
- $1800 if prepaid for 2 years;
- $2600 if prepaid for 3 years.
The Purpose of this Surety Bond
As stated within the surety bond wording itself, the purpose of the MD wholesaler pharmacy bond is to serve as a financial guarantee that you will pay all fees and fines assessed by the state of Maryland if such fines are not paid within 30 days of assessment.
The bond also specifically guarantees your compliance with Health Occupations Article, Subtitle 6C, Annotated Code of Maryland and any amendments or additions to said laws.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, and fiduciary bonds throughout Maryland.
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…