Los Angeles California Private Patrol Service Bond
A financial security that you can depend on! APPLY TODAY!
What is a Los Angeles California Private Patrol Service Bond?
Every person who will engage in the business of maintaining or operating private patrol services in the City of Los Angeles is required to get this bond. This bond shall be furnished to the Board of Police Commissioners.
There are several reasons why this bond is required. Some of which are listed below:
- The private patrol operator will perform his or her duties in accordance with the applicable ordinances, rules, regulations, and statutes especially Section 52.34 of the Los Angeles Municipal Code.
- The private patrol operator will honestly and faithfully provide additional security and protection to any person and property.
- The City of Los Angeles will be financially compensated if the private patrol operator violates the bonded obligations.
How does a Los Angeles California Private Patrol Service Bond work?
This surety bond is an agreement that legally binds these three parties:
Principal – private patrol operator
Obligee – the City of Los Angeles
Surety – surety bond provider
The Obligee is the party who is requiring the Principal to obtain the bond from a Surety. The Obligee is also the beneficiary of the bond. The Principal’s duty is to fulfill his or her contractual obligations to the Obligee. The Surety will back the Principal’s promise by assuring the Obligee that if the Principal commits a violation the Surety will make sure that the Obligee will be indemnified.
The Principal is primarily responsible for any loss that the Obligee will incur. If the Obligee files for a claim and the Principal fails to settle it, the Surety will step in. The Surety will pay the Obligee up to the maximum value of the bond. The Surety can seek recovery from the Principal after the claim has been settled.
How much does a Los Angeles California Private Patrol Service Bond cost?
Bond cost or bond premium ranges from 1% to 5% of the bond amount. The bond cost will depend on the private patrol operator’s credit score.
The bond amount is $15,000.
For example, if the private patrol operator has an excellent credit score, his/her bond cost will only be 1% of $15,000 or $150.
Get your FREE SURETY BOND QUOTE HERE!
How can I get a Los Angeles California Private Patrol Service Bond?
You have to first APPLY FOR THIS BOND HERE.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to start on your bond? APPLY HERE!