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:
AmeriPro Surety Bonds offers these surety bonds in the category and for the amounts required, both as a new or renewal surety bond.
The amount of surety bond required of will depend on the nature of your business. The breakdown is as follows:
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.
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.
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.
Our agency also provides surety bonds nationwide. Please call us today at:
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