California Bail Permittee Bond
Apply for this bond to secure your license ASAP! Find out how below!
What is a California Bail Permittee Bond?
You need to secure this bond prior to soliciting, negotiating, issuing, and delivering bail bonds. This bond is part of the application requirements to become a bail permittee.
Compliance with the applicable laws such as but not limited to Chapter 7 of Part 2 of Division 1 of the California Insurance Code and the provisions of Chapter 2 of Title 14 of Part 2 of the California Code of Civil Procedure is this bond’s purpose. The bail permittee is obligated to conduct business in accordance with all the conditions of the license as well.
This bond must be furnished to the Insurance Commissioner of the State of California along with the following requirements:
- Completed bail license application form
- Action Notice Statement of Employing Bail Agent Or Permittee (Form LIC 438)
- Fingerprint impressions
- Applicable fees
This requirement is in pursuance of Section 1802.5 of the California Insurance Code.
How does a California Bail Permittee Bond work?
This bond is a legally enforceable tripartite agreement. The 3 parties are as follows: Principal (bail permittee), Obligee (the People of the State of California), and Surety (surety bond provider).
The Principal is responsible for performing the bonded contractual obligations as well as the underlying agreement. As the beneficiary of the bond, the Obligee will be reimbursed for any loss that it will sustain because of the Principal’s default.
The Surety will partner with the Principal for the purpose of assuring the Obligee that the Principal will perform the obligations required. The Surety will also ensure that the Obligee will be paid in full. It’s also the duty of the Surety to protect the rights of the Principal as well.
If the Principal violates any of the bond’s conditions, the Obligee will be eligible to take action against this bond. If the claim is covered by the bond, the Surety will pay the Obligee if the Principal cannot do so; however, the Principal should indemnify the Surety after the payment has been made.
How much does a California Bail Permittee Bond cost?
The bond premium starts at 2% of the bond amount. The bond amount is $5,000.
How can I get a California Bail Permittee Bond?
APPLY FOR THIS BOND – We begin the bonding process with an application. You may apply for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, you’ll be asked to sign an indemnity agreement. After that, the bond will be issued and sent to you!
Ready to apply? START HERE!