Tennessee Modular Building Units Bond
AmeriPro Surety Bonds | 844-589-9732
Modular Building Units – Tennessee
The Tennessee Department of Commerce and Insurance, Division of Fire Prevention administers the surety bond requirement of companies or persons who install, sell, or manufacture modular building units in the state
There are three categories of surety bond for modular building units:
- Installers of modular building units;
- Dealers of modular building units;
- Manufacturers of modular building units.
AmeriPro Surety Bonds offers these surety bonds in the category and for the amounts required, both as a new or renewal surety bond.
Tennessee Modular Building Units Bond: Amount of Surety Bond Required
The amount of surety bond required of will depend on the nature of your business. The breakdown is as follows:
- Installers of modular building units must provide a $25,000 surety bond;
- Dealers of modular building units must provide a $50,000 surety bond;
- Manufacturers of modular building units must provide a $100,000 surety bond.
Pricing of this Surety Bond
Pricing for the Tennessee modular building units bond will be determined by the type of surety bond required and information provided on a surety bond application.
A business or personal credit check is also a factor in determining the surety bond’s price.
As a broad general rule, a well qualified applicant may pay just above 1% for this surety bond; however, both your credit and when the surety bond is purchased factor in to the pricing.
Duration of the Surety Bond
The Tennessee modular building units bond has an expiration of June 30th of the same year of the bond, unless it is purchased on or after June 30th, in which case the bond will have an expiration of June 30th of the following year.
In other words, if the purchase of any of these bonds between January 1 and June 29th, the expiration of that bond will be June 30th of that same year.
Because of this, the bond may be prorated in terms of premium, which may result in a premium amount which is less than if had you purchased this bond for a full year term.
The Purpose of this Surety Bond
This surety bond serves as a financial guarantee that you will be in compliance with all laws and regulations regarding the sell, installation, or manufacturing of modular building units in Tennessee.
While the surety bond is required of you, its benefit is for those who can suffer harm for the failure of a licensee to comply with any legal statutes, and which in turn, causes harm.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary surety bonds throughout Tennessee.
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