What is a Fishing License Bond?
If you plan to start issuing fishing licenses through your business, then your state may require you to obtain a fishing license bond. This also applies to businesses that sell hunting licenses. A fishing license is a type of surety bond that provides assurance to the state that your business will comply with all regulations and pay all taxes and fees on time.
How much does a fishing license bond cost?
Each state sets its personal regulations and requirements for fishing license bonds. Because of this, the cost of a surety bond premium varies. We can get you a quick, free quote for a fishing license bond for your state, as well as any other bonds that you may need for your business. Submit your request for a free quote and we will work quickly to get your bond paperwork to you as soon as possible.
How does fishing license bond work?
The fishing license bond is just like many other surety bonds. There are three entities involved in the surety bond process.
- The principal is the person or business that needs to obtain the fishing license bond.
- The surety is the underwriter, providing the financial backing for the principal.
- The obligee is the agency that requires a principal to purchase a fishing license bond.
If your business fails to meet the requirements of the bond, then the state may file a claim against the bond. The surety company will investigate the claim and determine if paying the claim is necessary. If they do, then the principal will need to reimburse the surety company for the amount paid out to the obligee.
You will be required to renew your fishing license bond each year or risk losing your license to sell fishing licenses through your business.