Effective January 1, 2014, SB 662 has amended the Business and Professions Code by increasing the minimum amount of insurance and the California Pest Control Surety Bond coverage required to be maintained by a registered company. The new minimums for registered companies will be $500,000 for insurance and $12,500 for bonds. A certificate of deposit, in lieu of the insurance and/or bonds, will no longer satisfy the insurance and/or bonding requirement. Registered companies currently with insurance coverage less than $500,000 and/or surety bonds of less than $12,500 will be required to submit proof of coverage to the Structural Pest Control Board no later than July 1, 2014. Registered companies with a certificate of deposit, in lieu of the minimum insurance and/or suretybonds, will also be required to submit proof of obtainment of the new minimum requirements by the date above. Registered companies whose minimum insurance and bonds already meet the new requirements are in compliance and do not need to submit anything to the Board.
The purpose of the California Pest Control Business Surety Bond is to satisfy the State that the bond principal has the financial ability to indemnify damages from any illness, injury, or damage resulting from the work authorized by the license. The obligation is non-cumulative, the aggregate liability of the surety on all claims being limited to the penal sum of the bond. By its wording, the bond is continuous in form and shall remain in full force and effect, and run concurrently with the license period and any and all renewals, or until cancellation or withdrawal of the Surety from the bond. Surety may cancel or withdraw from this bond pursuant to the provisions of the Code of Civil Procedure Sections 996.310 et seq.
California surety leader, Surety One, Inc. is a specialist in the bonding needs of the agricultural and pesticide services industry. We offer both surety and fidelity bonds needed by these professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for a California pest control surety bond application or information on ANY bonding need. También tenga en cuenta que nuestra asesoría está disponible en SU idioma.
