What is a License and Permit Bond?
License and permit bonds are a specific type of surety bonds required by many commercial business industries. Businesses are required to purchase license and permit bonds in their industry by federal, state, and local governments. These bonds must be purchased before the business can be licensed or perform certain types of work. This type of surety bond is often referred to as “permit bonds” or “license bonds.”
The bond protects consumers. It guarantees that the business will follow all laws and regulations of federal, state, and local government agencies. Each industry has its own distinct license and permit bonds.
Types of License and Permit Bonds
- Airline Reporting Bond
- Appraisal Management Company Bond
- Auctioneer Bond
- Auto Dealer Bond
- Collection Agency Bond
- Contractor License Bond
- Credit Service Organization Bond
- DMEPOS Bond
- DMEPOS Competitive Bidding Program Bond
- Energy Broker Bond
- Federal Maritime Commission (FMC-48) Bond
- Freight Broker Bond (BMC-84)
- Health Club Bond
- Hunting and Fishing License Bond
- Insurance Adjuster Bond
- Insurance Broker Bond
- Medical Marijuana Bond
- Medicaid Provider Bond
- MMA Promoter Bond
- Money Transmitter Bond
- Mortgage License Bond
- Notary Bond
- Outdoor Advertising Bond
- Payday Loan Bond
- Patient Trust Bond
- Pawnbroker Bond
- Pharmacy Bond
- Preneed Funeral Bond
- Private School Bond
- Professional Employment Organization (PEO) Bond
- Right of Way Bond
- Surplus Lines Broker Bond
- Telemarketing Bond
- Travel Agency Bond
- Used Car Dealer Bond
What is the cost of a License and Permit Bond?
License and permit surety bonds typically have a minimal cost, sometimes as low as 1%. The process involves taking a look at the financial history of the applicant. This means that the actual price for the license and permit bond is determined by their credit. Those with better credit will generally be approved at a lower premium.
What if I have bad credit?
JM Surety is proud to offer competitive rates to applicants whose credit profile doesn’t qualify for the preferred rate.
When will I receive my bond?
Many license and permit bonds can be issued instantly.
Why should I choose JM Surety?
JM Surety strives to consistently offer the lowest rates available. We don’t charge broker fees and customer satisfaction is a major priority.
