California Cargo Shipper's Agent Bond
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What is a California Cargo Shipper's Agent Bond?
It is a cargo shipper's agent's license requirement mandated by Division 1, Part 2, Chapter 5, Article 15.5 of the California Insurance Code, and enforced by the Insurance Commissioner of the State of California.
This bond will serve as an assurance to the Insurance Commissioner of the State of California that the cargo shipper agent (natural person or business entity) will perform the professional duties in accordance with the conditions of the license. One of the duties is for the cargo shipper’s agent to provide a report of all the insurance monies or premiums collected on behalf of a cargo owner or shipper.
Other duties include the following:
- Acts as an agent on behalf of cargo owners or shippers, or both.
- Arrange for the carriage of goods.
As a financial guarantee, this bond will also ensure that any person who will be harmed by the misconduct of the licensed cargo shipper agent will be indemnified.
How does a California Cargo Shipper's Agent Bond work?
This bond involves three parties:
Principal – cargo shipper’s agent
Obligee – People of the State of California
Surety – surety bond provider
The Surety will support the Principal by assuring the Obligee that the Principal will perform the duties without any misconduct or mishaps. The Obligee can be the cargo owner, shipper, or any person that’s been harmed due to the Principal’s misconduct.
If the Principal commits such act, the Obligee can legally recover the amount lost by filing a bond claim. It’s the Principal’s duty to settle the claim. If the Principal cannot do this, the Surety will step in and do it for the Principal. The Surety will first investigate if the claim is valid. If it is, then the Surety will make the necessary payment to the Obligee. After the Obligee has been paid, the Principal must reimburse the Surety.
How much does a California Cargo Shipper's Agent Bond cost?
The bond premium will start at $100 for cargo shipper’s agents with excellent credit scores.
The bond amount is $10,000.
Get your FREE SURETY BOND QUOTE HERE in order to know your bond premium!
How can I get a California Cargo Shipper's Agent Bond?
You must first apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Even cargo shipper’s agents with very low credit scores can apply.
Once we’ve received the application, the next step would be the prequalification or underwriting process.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, you will be asked to sign an indemnity agreement. Once signed, we will execute the bond and send it to you!
Our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We’ll make sure that you understand all the conditions before you apply.
You may apply for this bond HERE!