Just as with the public grain buyer license, owners of grain warehouses are required to obtain a surety bond.
The minimum surety bond amount for grain warehouses is $25,000; or, ½ of the value of the customer owner grained stores at all of your locations, whichever amount is greater.
Your public grain warehouse surety bond has an annual term which runs from June 30th to June 30th. The new bond term begins on July 1. The premium may be prorated depending on when during the calendar year your bond is purchased; however, the end date will remain June 30th.
Up to and including a $50,000 surety bond requirement, our agency provides you with the South Dakota public warehouse bond without a credit inquiry.
For these amounts, when you call us, we’ll just ask you some very basic questions. The name, exactly as it should appear on your surety bond, along with your contact information. The information includes your address, email, and phone number.
After payment of the premium --- at a rate of ¾ of 1% annually --- our agency issues your bond to you immediately for filing. Upon receipt in the mail, you’ll need to have your bond notarized as an LLC, corporation, individual, or partnership; and our agency will have notarized it as Surety.
Amounts Greater than $50,000
For a surety bond requirement greater than $50,000, a signed application by you and an underwriter review are required. As part of the review process, a credit inquiry is conducted.
Approval is dependent on having good credit; and the rate remains the same --- ¾ of 1% of the amount of surety required.
Upon receipt and completion of the signing and notarizing, you’ll file your bond along with the Power of Attorney form to:
State of South Dakota
500 East Capital Avenue
Pierre, South Dakota 57501
As noted above, the annual term of your bond is June 30th – June 30th. Your premium may be prepaid up to 3 years, which offers you a savings over annual renewals.
However, you may wish to keep in mind that the bond amount required of you may differ from one year to the next.
Your public warehouse bond is a financial guarantee of your compliance with all South Dakota storage laws and those of the state’s Public Utilities Commission.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide grain surety bonds wherever required nationwide.
Our agency is also a provider of license and permit, court, probate, and fiduciary surety bonds in South Dakota and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you...