Ohio Auctioneer Or Auction Firm Bond |
AmeriPro Surety Bonds
Ohio Auctioneers and Auction Firms
The Ohio auctioneer and auction firm bond are two separate surety bonds.
One is required of a single auctioneer who conducts auctions; the other is required of companies who provide auction services: this latter refers to an Ohio auction firm.
Auction firms additionally take items to be held on consignment until they are auctioned off by a licensed auctioneer.
Both bonds are available from AmeriPro Surety Bonds as a first time surety bond or a renewal surety bond.
Ohio Auctioneer Or Auction Firm Bond: The Purpose
The auction profession is serious and one in which you act in a fiduciary capacity over valuable goods.
The surety bond is a financial guarantee that an auctioneer or auction firm will be in compliance with the Ohio Revised Code 4707 which regulates the conduct and professional obligation of both auctioneers and auction companies.
The bond moreover protects the Ohio consumer and the Ohio Department of Agriculture from criminal, fraudulent and other other illegal acts that a bonded auctioneer or company may commit in the course of their duties.
The bond allows those who can credibly demonstrate financial harm to file against the bond in an effort to recoup provable losses.
Since it is not an insurance policy, any amount paid by a surety company must be fully recompensed by the principal (the purchaser/owner of either the auctioneer or auction firm bond).
Ohio Auctioneer and Auction Firm Bond: Amounts Required
An Ohio auctioneer bond is a $25,000 surety bond required by the Ohio Department of Agriculture.
The Ohio auction firm bond is a $50,000 surety bond required by the same Department.
Ohio Auctioneer And Auction Firm Bond: Duration
Regardless of when an Ohio auctioneer or auction firm bond is purchased, the date is of expiration is the same: June 30th of each year.
Applicants who purchase the bond after June 30th or mid-year will have a bond that may be prorated as to the premium required.
Ohio Auctioneer Or Auction Firm Bond: The Premium
The premium for an Ohio auction firm bond will be determined by an application and credit check. The premium may be as little as about 1% of the bond’s $50,000 face amount. However, the amount you will be required to pay will be determined by an application and a standard credit check.
The $25,000 auctioneer bond will also be determined by an application.
Both applications do not take long to complete at all, and may be completed over the phone with of our agents.
We encourage you to call AmeriPro Surety Bonds today!
Becoming an Ohio Auctioneer
Besides the surety bonding requirement, if not begun already, becoming an auctioneer in Ohio involves the following:
- Attending a school for Ohio auctioneers;
- Completing an apprentice exam;
- Finding an existing auctioneer to sponsor your auctioneer training;
- Serves 12 months as an apprentice to an auctioneer;
- Complete both a written and oral examination administered by the Ohio Auctioneer Commission.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary bonds throughout the great state of Ohio.
Our agency also provides surety bonds nationwide.
We look forward to helping you begin – or continue —your career in auctioneering.
Please call our agency today or complete the form below: