Pennsylvania Full Agent Bond
AmeriPro Surety Bonds | 844-589-9732
Pennsylvania Full Agents
In the Commonwealth of Pennsylvania, “full agents” are those authorized and licensed by the PA Department of Transportation to issue:
- temporary registration cards for motor vehicles;
- license plates.
The existence of full agents allows the state to permit private companies to share in the responsibilities of vehicle registration, making it convenient for both the consumer public – your potential customers– and the Commonwealth alike.
Full agents are required to maintain at least one $30,000 surety bond as a prerequisite for licensing.
They are regulated by the PA Department of Transportation (PennDOT).
Both first time and renewal full agent bonds are available through AmeriPro Surety Bonds.
Pennsylvania Full Agent Bond: The Amount of Surety Bond Required; Qualifying
A licensed Pennsylvania full agent company is required to maintain a $30,000 surety bond for each place of business operated. Obtaining this bond is easy.
After completing an application, which we can take from you over the phone, and payment of the $300 premium, our company issues this bond to you immediately. There is no credit check nor underwriting review for this bond. It is an “instant issue” surety
Once issued, the bond is sent to you by the following business day.
Additional Premium Payment Options
At $300, your full agent bond has a term for one year, and you’ll need to renew your surety annually. Our agency also offers you the option to prepay your bond for up to 3 years, thereby lengthening the time between renewals and also saving you money.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $540, a $60 savings;
- If prepaid for 3 years, the premium is $780, a $120 savings.
Pennsylvania Full Agent Bond: The Purpose of this Bond
On the shoulders of licensed full agents is a big responsibility.
Full agents register vehicles and provide registration for residents of the Commonwealth. Their actions are also potentially a reflection on the state as well.
The Pennsylvania full agent bond is therefore a financial guarantee which ensures that licensed full agents will comply with all laws and statutes in the performance of their designated duties.
As such, the bond protects others, not the full agent, from instances of fraud, theft, malfeasance and other demonstrably wrongful act as it relates to their professional conduct.
The bond’s existence allows those who can provide financial harm to file against the bond up to the amount mandated by the state.
But unlike insurance, should a claim be made and paid on a the full agent surety bond, it is your legal responsibility, as principal, to reimburse the surety for all costs involved in satisfying a claim.
The Cost of the Pennsylvania Full Agent Bond
The premium for the PA full agent bond will be a small fraction of the bond amount required.
The criteria for determining the premium, or cost of this surety bond include:
- The amount of surety bond you are required to purchase. Again, there is a $30,000 bond required for each location of a full agency;
- Information provided on application. If you require a $30,000 surety bond, the application is relatively straightforward and can be taken over the phone. For much larger bond amounts, there is additional financial information requested for underwriting purposes;
- Importantly, your credit score.
AmeriPro Surety Bonds will work to obtain the best surety bond pricing.
Duration of Your Bond
The PA agency bond is issued for a period of one year. The bond renews on an annual basis.
PennDOT is very clear: you must keep your bond active at all times, with no lapse in coverage.
The bond must run concurrently with your full agent license.
Our agency will mail you a premium renewal well ahead of your bond’s renewal date to keep your bond active and you in compliance with state regulations.
Becoming a PA full Agent:
The Commonwealth publishes a detailed manual for those interested in becoming full agents.
Besides the surety bond requirement, full agents must also:
- Submit to a criminal background check;
- Fulfill notary requirements;
- Meet the requirements of office space;
And other conditions laid out for licensing.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout the Commonwealth of Pennsylvania.
Our agency also provides surety bonds nationwide.
We look forward to helping you obtain the surety bonds your require.