The Commonwealth of Pennsylvania regulates appraisal management companies through the PA Department of State.
In addition to other requirements for the state's appraisal management company license, you are required to obtain a $40,000 appraisal management company bond.
The purpose of the appraisal management company surety bond is to protect your customers --- that is, members of the public (or consumers) --- from violations of statutes which govern Pennsylvania-licensed appraisal management companies.
As a licensed appraisal management company, this surety bond is a financial guarantee of your continued compliance with the PA Appraisal Management Company Act, as also any state or local rules governing your profession.
The bond’s existence allows those who can demonstrate a financial harm to be compensated from the bond up to the $40,000 amount, aggregate by filing a claim.
It is not, therefore, a liability insurance policy which protects the you as purchaser of the bond.
Rather, besides being required for licensing, it is a surety bond which you purchase to protect others from harm caused by you or any related persons in your appraisal management firm from wrongful or criminal acts.
Should a claim be paid on the surety bond, it is your legal responsibility to repay the surety for all costs involved in satisfying your claim.
The premium is the price you will pay for the appraisal management bond’s issuance.
The premium will be determined by the two following criteria:
The larger of the two factors, although they are both interconnected, is your credit score.
Applicants with acceptable credit may pay as little as 1% for this surety bond.
The premium renews on annual basis and must be kept to run concurrently with licensing.
Our agency will mail you a reminder for the renewal premium due.
We are here to focus on one thing: Your surety bond needs.
As such, AmeriPro Surety Bonds focuses on one thing: Surety bonds.
We look forward to working with you, providing professional service --- and, importantly, getting you the best surety bond price.