What is a Mississippi Automobile Club Bond?
Know the how-to of this important surety bond in Mississippi today!
An Automobile Club provides plenty of benefits to its members such as:
- Traffic safety services
- Theft services
- Travel services
- Map services
- Towing and emergency road services
- Reimbursement of legal fees from traffic offenses
- Insurance coverage for injury and death
With the required submission of a surety bond, an Automobile Club can further protect its members through financial compensation!
All Automobile Clubs in Mississippi are required by the Mississippi Insurance Department to submit a surety bond before they are given permission to provide the aforementioned services to their members.
The surety bond’s purpose is to guarantee the strict compliance of the bonded Automobile Club to all the rules and laws that govern automobile clubs in Mississippi.
As a means of financial security, the Automobile Club will be obligated to pay any fines, fees, or penalties through the surety bond.
The requirement complies with Section 83-11-207 of the Mississippi Code Annotated.
What is the Automobile Club Bond amount?
The bond amount is $15,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Mississippi
- The surety bond will be made payable to the Commissioner of Insurance
- The bonded automobile club is obligated to comply with the provisions of Section 83-11 of the Mississippi Code Annotated, the rules and regulations of the Mississippi Insurance Department, and all the other applicable rules
- If the bonded automobile club commits a valid violation, the aggrieved party or automobile club member will be eligible to file a claim on the surety bond up to its penal sum
- The surety bond will remain valid until the Commissioner of Insurance grants a release from further liabilities
How can I get an Automobile Club Bond?
To secure this type of bond, the Auctioneer license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so 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 pre-qualification process is fulfilled, we will execute the bond and send it to you!
If you’re ready to apply for this bond, you may start the process HERE!