What is a California Auction Company Bond and what are the requirements?
According to the California Civil Code, auction companies do not need to have license in order to practice this profession in the state. Instead, a surety bond must be maintained by the company. The bond amount is set at $20,000 and must be filed with the Secretary of State. The bond is in place to protect the people of the State of California. Any person or persons damaged by any fraud, dishonesty, misstatement, misrepresentation, deceit, unlawful act or omission of the auction company may file a claim against the bond for compensation. The bond also covers the auctioneer’s or auction company’s failure to provide services. When a claim is filed and proven to be true, the surety company will issue a payout. The auction company will then pay the amount in full to the surety company. Applicants must see to it that the surety company is licensed in California.
How do I obtain a California Auction Company Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.