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Auctioneer Surety Bond

Bond penalty set by state statute

An auctioneer bond is currently required for the licensing of auction houses and independent auctioneers in thirty one states. Some surety bonds are required by state statute while others are local permit obligations and one in particular is required by the U.S. Bankruptcy Court. Generally an auctioneer bond is a simple guarantee that the auctioneer will comply with the laws and rules that regulate his or her occupation however each bond can include more specific obligations. Some examples of auctioneer responsibilities guaranteed by a surety bond:

  • To render a full and just account of all monies received in the course of auction house business.
  • To pay compensation for damages to third parties caused by an act or omission of the auctioneer.
  • To pay investigative costs incurred by the regulatory authority looking into the auctioneer's misconduct.
  • Indemnify parties from losses as a result of auctioneer fraud and/or misrepresentation.

Underwriting and quoting an auctioneer bond request requires the completion of only a brief commercial surety bond application. Financial statements are rarely needed unless the applicant has experienced a bond claim, license revocation or other negative action against his or her license or bond.

We offer auctioneer bonds in all states, municipalities and for U.S. Bankruptcy Court auctioneers. We also offer standard and third party fidelity bonds for auction professionals on a stand-alone basis or package with the surety bond. Download an application on this page, or call us to discuss your particular need (800) 373-2804.

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