The North Dakota roving grain buyer bond is between is a minimum $50k surety, with a maximum $1.5 million amount. The $50k surety amount is offered without a credit inquiry. Please call AmeriPro Surety Bonds at 844-589-9732.
North Dakota Roving Grain Buyer Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of North Dakota Roving Grain Buyers
North Dakota roving grain buyers are licensed and regulated by the state’s Public Service Commission.
The Commission requires that you obtain a surety bond that is between $50,000 to $1.5 million.
According to the Commission, the rule of thumb in determining the amount of surety required is as follows:
“1st year estimate, followed by actual eventually 3 year rolling average.”
Qualifying and the Premium
For applicants who require a $50,000 surety bond amount, our agency issues the North Dakota roving grain buyer bond immediately to you after a verbal application. There is no credit check nor review by an underwriter, and the premium is just $375 annually.
For all other amounts, a signed application (which also must be witnessed by someone else), and an underwriter review are required.
As part of the underwriter review, a credit check is standard, and our agency will only be able to get those approved who have good credit. Sometimes with the higher surety bond requirements, additional documentation is requested as part of the underwriting process.
Three premium amounts provide you what you can expect if approved:
- A $100,000 surety bond will have an annual premium of $750;
- A $500,000 surety bond will have an annual premium of $3750;
- A $1.5 million surety bond will have an annual premium of $11,250.
Upon approval of your surety bond and payment of the premium (debit or credit card), our agency issues your bond to you immediately.
You will be sent the following documents: The original bond which will be notarized by us as Surety and which you will have notarized as Principal. You’ll also be sent a Power of Attorney form.
All documents are filed to:
North Dakota Public Service Commission
600 E. Blvd., Avenue
Department 408
Bismarck, North Dakota 58505
(701) 328-4097
The Surety Bond Term
The surety bond is active for one year from the date of issuance, thereafter your bond renews either at the same amount or a different amount, however you are required by law to purchase.
The Purpose of Your Surety Bond Requirement
As stated on your surety bond, there are three reasons for its requirement:
- That you’ll faithfully fulfill all duties as a roving grain buyer;
- That you’ll also comply with the law and rules of the Commission;
- That you’ll pay for all grain purchased and marketed and for any sums due.
About Us
AmeriPro Surety Bonds is a surety bonds-only agency. We provide grain and warehouse related surety bonds nationwide.
Please call our agency today at:
844-589-9732
Or, you may fill out the form below and a Surety Agent will contact you…
