Oregon Dental Service or Optometrical Service bond - $50,000.00
In the State of Oregon, Dental service or Optometrical service providers are required to secure a bond of $50,000.00 with Department of Consumer and Business Services in order to activate their license and start the operation of their businesses.
Why do Dental and Optometrical Service Providers need bonds?
Dental Service or Optometrical Service companies are spread all over the state and are among the most sought-after health services. With this, the federal and state government strive to maintain the quality of services each service providers deliver by imposing licenses which have lists or pre-licensing requirements. The law is pursuant to Chapter 33 of the Oregon Laws 2003.
For more information regarding healthcare services laws in Oregon, including dental and optometrical services, you may check with their official website here.
What is the Oregon Dental Service or Optometrical Service Bond?
The Oregon Revised Statutes 750.005 to 750.095 requires health service contractors, such as dental or optometrical service providers, to file for a surety bond as authorized by the Insurance Code or in the amount of $50,000. The service bond serves as an agreement between the dental and optometrical healthcare service providers and the State of Oregon Department of Consumer and Business Services that guarantees the compensation of the state in case of licensing infractions such as damages or accidents. The bond also works as a pre-licensing requirement for the businesses to have their licenses activated and operations ready.
How does it work?
The Oregon Dental Service or Optometrical Service Bond must be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are the Principal (dental or optometrical service providers), Obligee (Dept. of Consumer and Business Services), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Obligor will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet scheduled taxes and fees or violate any other licensing provisions. The Obligor will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Obligor.
The Obligor is secured through an indemnity agreement as the permit applicant or licensed business will ensure the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond.
How much does it cost?
Depending on the employer’s credit score, industry experience, business history, and the surety provider’s background, the Oregon Dental Service or Optometrical Service Bonds may cost between $500 and $5,000.
How can I apply for this bond?
At Surety Bond Authority, we are committed to help you get your bond the fast and easy way. Follow our step-by-step procedure to help you get started.
If you want to secure your Oregon Dental Service or Optometrical Service Bond early, make sure to transact with a reputable surety carrier. You can APPLY HERE if you are ready to file for your bond and rest assured a qualified surety bond agent will guide you through the process of application until the issuance of your bond.
For the assessment, our underwriter will require the following information:
- Nature of your business
- Credit Score
- Financial strength
For a speedy processing of your bond application, make sure that you have collected and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.