The salvor surety bond is required of those who are in the business of salvaging vehicles or offer repair towing services in Pennsylvania.
The industry is regulated by the Commonwealth’s Department of Transportation.
Laws which regulate the industry are found under Chapter 253 of the PA Code, which also requires the surety bond.
You as an applicant are automatically approved for the $10,000 Pennsylvania motor vehicle salvor bond. There is no credit involved in qualifying for the surety bond, and the premium is just $100 annually. You also automatically qualify for any amount up to and including $50,000 without a credit check. The premium will be 1% of the amount required. Amounts greater than $50,000 if applicable to you, will require an underwriter review which includes a credit inquiry.
When you call us, we'll ask you the following:
After payment of the $100 (for a $10,000 surety bond amount) premium, our agency issues your bond to you for filing. Thereafter, your surety bond along with a Power of Attorney (POA) form will be mailed to you. It is the the original surety bond and POA form that you'll need to file, not a copy.
The filing address is:
Commonwealth of Pennsylvania
Department of Transportation
P.O. BOX 68283
Harrisburg, PA 17106
**** Additional Premium Prepayment Options ****
The $100 premium related to your $10,000 surety bond will renew on the anniversary of its issuance. You may choose to prepay your bond up to 3 years which will offer you a savings over annual renewals.
The premium prepayment option and savings are as follows:
The same is likewise true for any higher premium, which offer additional savings.
A surety bond is not for the protection of your salvor business, although it is required for licensing.
The bond is for the protection of others, namely, the public and people of the state of the Commonwealth of Pennsylvania.
Specifically, this surety bond is a financial guarantee that licensed salvor’s will be in compliance with all rules and laws in their business conduct.
The surety bond’s existence protects the public from acts of violations of the law, fraud, theft, or criminal misconduct committed by a salvor, its owners, agents, or employees, as it relates to their professional duties.
The bond’s existence allows those who can demonstrate harm to be compensated up to the bond’s $10,000 surety bond amount, in aggregate.
But, should a claim be paid by a surety company, it is the legal responsibility of the salvor to reimburse the surety for all costs involved.
The surety bond cost, also known as the premium, for the salvor bond is as little as $100.
The amount of your premium will be determined by the following:
Qualifying for this surety bond is relatively easy, and our agency works to find you the best surety bond pricing regardless of your credit history.
Your salvor bond is issued for a period of one year from the effective date.
Ideally, you should try to have the salvor bond run concurrent with your license as issued by the Commonwealth’s Department of Transportation so as to prevent any lapse in bond coverage.
A lapse could conceivably result in the state suspending your license until the lapse is cured.
Were that to occur, of course, we would help you in anyway possible.
Besides the surety bond requirement, the state offers a salvor manual for those interested in licensing.
AmeriPro Surety Bonds is a surety bonds-only agency which provides bonds throughout the Commonwealth of Pennsylvania, including license and permit, probate, and court bonds.
Our agency also provides surety bonds nationwide.
Please call our agency today:
Or, you may fill out the form below and a Surety Agent will contact you...