Virginia Auctioneer Bond | AmeriPro Surety Bonds
Auctioneers – Virginia
Virginia auctioneer firms and individuals are licensed and regulated by the Department of Professional and Occupational Regulation (DPOR).
As a condition of licensing, such firms are required to maintain a surety bond.
AmeriPro Surety Bonds offers this bond as both a new and renewal bond.
Virginia Auctioneer Bond: Surety Bond Amount, Term and the Cost
The Virginia auctioneer bond is a $10,000 surety bond required by DPOR.
This surety bond is issued for a period of two years. The effective date of your auctioneer bond must coincide with the term of your license. The expiration date of the bond will be the same as the expiration of your license and will expire on the last day of that month.
The price of the auctioneer bond is determined by completion of an application and is around $175 for the two year period. There may or may not be a credit check involved; however, the pricing for this bond will likely be at or below $200 for the two year period.
Virginia Auctioneer Bond: Its Purpose
Your auctioneer surety bond serves as a financial guarantee for the DPOR that you as a licensed auctioneer will be in compliance with all rules and regulations governing your auctioneering profession.
Specifically, this refers to Title 54.1, Chapter 6. This also includes any subsequent amendments to the law.
The auctioneer surety bond protects the DPOR, and by extension, the people of the state of Virginia, from acts of criminal malfeasance, fraud, willful misrepresentation and negligence by a licensed auctioneer.
As principal for this surety bond, you are responsible for all costs and fees involved if a claim were to be paid against your bond. The aggregate sum to be paid from all claims will not be greater than the sum total of your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Virginia.
Our agency also provides surety bonds nationwide.
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