California Shipping Point Inspection Program Bond
Get the credit extension you need through this surety bond!
What is a California Shipping Point Inspection Program Bond?
Every person who has been authorized by the California Secretary of Food and Agriculture to receive credit for services rendered and to be rendered in certifying the grade, quality, and condition of the fruit, vegetables, and other farm products is required to get this bond.
Through this bond, the California Department of Food and Agriculture (CDFA) will be assured that the said person will forward all the monies that he or she has collected to the Department.
If the said person fails to do so, the CFDA will be able to recover the amount lost by filing a bond claim.
The said person is also required to comply with all the provisions of Division 16, Chapter 1, of the Food and Agriculture Code, Fruit and Vegetable Certification.
How much does a California Shipping Point Inspection Program Bond cost?
The bond premium varies per applicant. It will depend on the applicant’s credit score. Those who have excellent credit scores will be eligible to pay as low as 1% of the bond amount.
The bond amount will be determined by the California Department of Food and Agriculture.
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
How can I get a California Shipping Point Inspection Program Bond?
The first thing that you should do is to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Your application will be processed as soon as we’ve received it. One of our expert surety bond agents will contact you regarding the next step. You will be guided throughout the whole process. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will assess the following during the prequalification step:
- Your financial strength
- Your job/business performance history
- Your credit score
Once that’s done, you’ll be asked to sign an indemnity agreement. After that, the bond will be issued and sent to you.
How does a California Shipping Point Inspection Program Bond work?
This bond is not insurance, but rather an extension of credit provided by the Surety (surety bond provider) to the Principal (bond applicant).
The Principal and the Surety will partner in assuring the performance of the former to the Obligee (CDFA). The Principal is primarily responsible for the fulfillment of the obligations required by the Obligee. If the Principal fails to do any of the bonded obligations required by the relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.
You may submit your application HERE!