Nevada salvage pool companies come fall under the authority of the Occupational Business & Licensing division of the Nevada Department of Motor Vehicles.
Their address is:
Occupational and Business Licensing
555 Wright Way
Carson City, Nevada 89711
In order to qualify as a salvage pool vehicle, at least one of the following three qualities must be true about the vehicle to be salvaged:
The vehicle has sustained flood damage:
Flood damage occurs when the vehicle has sustained water damage which has entered into the electrical components and engine of the vehicle.
If the vehicle is a total loss:
A total loss occurs when damage to the vehicle is such that the cost to repair the vehicle is greater than the vehicle’s current market value, defined in Nevada as exceeding 65% of the fair market value of the vehicle. If it is less than 65%, then the vehicle is not considered a “total loss”.
If the vehicle is non-repairable:
Non-repairable vehicles are vehicles which may have lost or have had removed so many parts such that the vehicle is permanently rendered inoperable.
Salvage pool companies are companies which acquire one of the three types of vehicles listed above from either insurance companies who have acquired the vehicle in settlement of a claim, or vehicle dealers, wreckers, and others.
Included in the requirements for a DMV salvage pool license are the following:
A surety bond in the amount of $50,000.00
A Nevada salvage pool bond is required to guarantee that the salvage pool company will act in accordance with the laws of Nevada.
This surety bond protects consumers, businesses, and the state of Nevada from criminal or fraudulent acts which may be committed by a Nevada salvage pool company.
While the face amount of the salvage pool bond is $50,000, the cost (premium to be paid) will be a fraction of that amount.
The amount of premium which will be required is almost entirely if not entirely credit-score driven.
AmeriPro Surety Bonds will help both those who are new to the salvage vehicle business and require this surety bond for the first time and those who are renewing their surety bond.
AmeriPro Surety Bonds provides salvage pool bonds, contractor, court and license and permit bonds in Nevada and all 50 states.