What is a Michigan Private Investigation Agency Bond?
In Michigan, each professional investigator or professional investigator agency licensee needs to file and maintain a surety bond.
The Private Investigation Agency Bond is conditioned upon the faithful and honest conduct of the business by the Principal (licensee) in a form prescribed by the Michigan Department of Energy, Labor & Economic Growth.
The bond ensures financial benefit for all persons injured by malicious and wrongful acts committed by the Principal.
A private investigation/detective agency or inquiry agent provides investigatory law services for clients. They often work in conjunction or are hired by attorneys in most criminal or civil cases.
What are the bond conditions?
- The Surety must be authorized to conduct a bonding business in the State of Michigan.
- The Principal must desire to act as a professional investigator or professional investigator agency licensed by the State of Michigan under P.A. 285 of 1965, as amended.
- The bond is valid until the expiration of the Principal’s professional investigator or professional investigator agency license.
- The bond may not lapse or be canceled unless the Surety gives the Michigan Department of Energy, Labor & Economic Growth 30 days written notice of such lapse or cancellation.
- If the Principal fails to faithfully and honestly conduct business, the bond shall indemnify any person damaged.
- The Surety’s aggregate liability will not exceed the sum of the bond.
What is the bond amount?
The bond amount is $10,000.
The cost of the bond is a percentage of the bond amount. The cost typically ranges between 1% and 5% of the bond amount, which will serve as your bond premium.
How do I obtain a Private Detective Agency Bond?
To secure this type of bond, you must seek the assistance of a surety bond company.
You will be asked to apply for this bond. Find out what you need to pay for by getting your FREE quote 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 your credit score.
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Please feel free to contact us for your bonding needs!