Appraisal management companies in New Jersey are legislatively regulated by the state’s Appraisal Management Registration Act.
A newer (as of 2017) condition of licensing is that appraisal management companies must now provide evidence of obtaining a $25,000 New Jersey appraisal management company bond.
AmeriPro Surety Bonds offers this bond for both first time and renewal applicants.
Applicants for the NJ appraisal management surety bond will have a premium which will be determined by the following:
Typically, an applicant for this surety bond may pay as little as 1% of the bond’s amount; however, contingent on the above variables, the amount may range considerably.
Once issued, your $25,000 surety bond is active for one year from the date of issuance. By current statute, a surety bond must remain on file as a condition of active licensing.
While the $25,000 New Jersey appraisal management company bond is required of you and your company, its benefit is for the people of the state of New Jersey.
The bond essentially serves as a financial guarantee that you will conduct your appraisal management business in accordance with the Act and any future amendments and additions of the same.
Your appraisal management company surety bond, therefore, protects against acts of fraud, theft, criminal malfeasance or misfeasance. Such protections afforded the people of New Jersey extends also to wrongful acts committed by any employees, agents, and managers of a licensed appraisal management company.
Your appraisal management company bond, however, is not an insurance policy. In the unlikely event that a claim is both filed and paid from your surety bond, you are legally liable to repay the surety in full for all costs and fees involved in the settlement of any claim.
Not doing so can be potentially result in a license suspension or revocation.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
Our agency also provides surety bonds nationwide. Please call our agency today for your bond quote at:
Or, you may fill out our contact form below to have a surety agent contact you.