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Auctioneer Bond

An auctioneer is a highly skilled sales professional who is part entertainer and all about getting the seller the best price for their wares. Do you have the vocal chops and eye for detail it takes to become an auctioneer? If so, you may be required to obtain an auctioneer bond. Every state has its specific laws concerning auctions and auctioneers, and most states mandate auction bonds. Read on to learn all about these surety bonds.

What is an Auctioneer Bond?

An auctioneer bond is a type of surety bond that guarantees auctioneers will abide by state and local laws and regulations. It protects both buyers and sellers by ensuring the auctioneer conducts all auctions ethically. Many states require an auction bond before they will license an auctioneer. The goal is to protect the public from potential fraud, false advertising, and auctioneer misrepresentations.

How Does an Auctioneer Bond Work?

An auctioneer bond is a legally binding agreement between three parties:

  • Principal – The principal is the person who must be bonded, in this case, the auctioneer.
  • Obligee – The obligee determines the bond requirements and has the right to file claims for damages against the bond.
  • Surety – The company that issues and underwrites the auctioneer bond is the surety.

If the state (obligee) files a valid claim that the auctioneer (principal) can't or won't pay, the surety agrees to pay the claim up to the full bond value. However, the principal must repay the settlement amount with interest and fees added. Although an auctioneer bond is issued and underwritten by an insurance company, it should not be confused with auctioneers' insurance.

An auctioneer bond creates a strong incentive for auctioneers to follow all applicable state laws and codes of conduct by making them financially accountable for any damages resulting from misconduct. Auctioneer surety bonds also guarantee that anyone harmed by an auctioneer can seek and receive justice through monetary restitution. States help promote ethical, upstanding behavior within the auction industry by mandating auctioneer bonds.

Who Needs to Obtain an Auctioneer Bond?

All auctioneers working independently or within an auction house in one of the following states must obtain an auctioneer bond.

The above states require an auctioneer bond before they license an auctioneer for work. It's illegal and subject to strict penalties to perform auctions without either a license or a bond. Count on Viking Bond Service to speed up and simplify your bonding process.

How Much Does an Auctioneer Bond Cost?

States determine their specific laws and regulations governing auctions. Each state determines whether they require auctioneer bonds and what dollar amounts the bond must be. The cost will be a small percentage of that amount, typically just 1% - 5%. The exact cost of a surety bond depends on the credit standing of the bond seeker. Great credit leads to lower premiums, but bad credit raises premiums and may make it harder to get approved for a bond. But if your credit history is a bit spotty – not to worry! Viking Bond Service's Bad Credit Surety Bond Program lets you get an auction bond at competitive prices.

How to Get an Auctioneer Bond?

You've come to the right place to get an auction bond at a low, competitive rate. And it's easier to obtain a surety bond than you think:

  • Complete our online application
  • We'll run a credit report
  • If we need any supplemental documents, we will let you know.

We'll get you a competitive auctioneer bond quote. Once you pay the premium, you'll receive documentation to demonstrate that you are fully bonded.

We look forward to working as your surety bonding partner!

Viking Bond Service – Your Source for Auctioneer Bonds

Rely on Viking Bond Service to make getting an auctioneer bond easy and accessible for more people. We are the long-term bond partner for auctioneers across the country and aim to inspire the same confidence in everyone we serve. Please request a quote or contact us with any questions. Speak to a bond expert by calling 1-888-2-SURETY (1-888-278-7389). We're here for any of your bonding questions!

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