License and Permit bonds are a type of surety bond that is required by a lot of industries and businesses. These are required at the Federal, state and local government levels and they are required before business owners in their own respective industries can be issued a license or permit for certain types of work.
But what types of License and Permit Bond are there?
Auto Dealer Bond
Appraisal Management Company Bond
Airline Reporting Bond
Collection Agency Bond
Contractor License Bond
Credit Service Organization Bond
Energy Brokers Bond
Health Club Bond
Hunting and Fishing License Bond
Insurance Adjuster Bond
Insurance Broker Bond
Medical Marijuana Bond
Money Transmitter Bond
Mortgage License Bond
Outdoor Advertising Bond
Payday Loan Bond
Private School Bond
Travel Agency Bond
And many More……
How Much Does A License And Permit Bond Cost?
Most bonds can be issued instantly and without being processed through an underwriter. The cost is minimal and typically 1% of the total bond amount. That means that if you have a bond for $50,000, you would have a bond premium of only $500.
If an underwriter is required, it will typically be due to the financial history of the applicant. That means that if the person purchasing the bond has good credit, the bond will be approved faster and at lower premium than those with challenges on their credit score.