Hunting License Bond: What is this Surety Bond?
Do you plan to sell hunting licenses through your business? Just like fishing licenses and lottery sales, businesses are often required by the state to obtain a surety bond to guarantee that your business will comply with all state regulations, including prompt and accurate payment of all taxes and fees. These types of bonds need to be renewed every year to avoid losing your ability to sell hunting licenses.
How do surety bonds work?
With any surety bond, there are three key parties: the principal, the obligee, and the surety. The obligee is the agency that requires a surety bond to be purchased. The principal is the individual or business that needs to obtain the surety bond. The surety is the company that provides financial backing for the bond.
The principal’s business is required to meet the terms of the bond. If the obligee believes that those terms are not being met, then they will file a claim with the surety bond company. The claim will be investigated, and if it is found to be valid, the surety will issue a payment to the complainant up to the total amount of the bond. The principal will then be responsible for repaying the amount that was paid out of the bond.
What do I need to pay to get a hunting license bond?
Each state has set its regulations for the amount required for a hunting license bond. This means that the cost of a hunting license premium varies. Submit a request for a fast, free quote with a licensed agent and we will be able to get you an accurate quote for a bond premium.
Once your bond premium payment has been submitted, we will work quickly to get your paperwork sent directly to you so that you can meet all of your state’s requirements for selling hunting licenses through your business.