Larkspur California License/Permit Bond
Know the importance of this surety bond to your business today!
What is a Larkspur California License/Permit Bond?
It is financial security required by the City of Larkspur from all license or permit applicants. This bond is one of the most important requirements when obtaining a license or permits from the City of Larkspur.
The purpose of this bond is to guarantee the compliance of the license or permit applicant to the applicable ordinances, rules, regulations, and statutes.
In addition, this surety bond will cover the amount required by the City of Larkspur for the recovery of potential financial damages due to the misconduct of the license or permit applicant.
How does a Larkspur California License/Permit Bond work?
A Larkspur California License/Permit Bond is a three-party instrument. The parties involved are as follows:
- Principal – the license or permit applicant
- Obligee – the City of Larkspur, California
- Surety – the party who will issue the bond
The Principal is the party who’s required to post this bond and fulfill the obligations stated in this bond. The Obligee is the party who’s requiring the bond. The Obligee is also the party to whom the Principal and the Surety will be indebted in case of a default.
The role of the Surety is to assure the Obligee that the Principal can indeed fulfill the obligations required. Since the Surety has partnered with the Principal, the Surety will be responsible for any violations that will be committed by the Principal as well.
When such happens, the Obligee will file a claim against the bond. The Surety will first check if the claim is covered by the conditions of the bond and if it is valid. If the claim is proven, the Surety will settle it, then ask for reimbursement from the Principal later on.
How much does a Larkspur California License/Permit Bond cost?
The cost of this surety bond is called the bond premium. It’s the amount that the license or permit applicant must pay the Surety. Bond premiums will depend on the credit score of the applicant.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or as low as 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Larkspur California License/Permit Bond?
By following the simple steps below!
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you for a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
After the underwriting process, this bond will immediately be issued and sent to you after you have signed the indemnity agreement.