Oregon Endowment Care for Burial Vaults and Markers Penal Bond - $10,000
The State of Oregon requires cemetery businesses to apply for a $10,000 contract bond in order to secure their permits and activate their licenses. These requirements are needed to ensure the compensation of the public should accredited businesses cause any licensing infractions, such as damages to public properties or accidents.
What does Endowment Care means?
The Oregon Revised Statutes (ORS) defines endowment care as the general upkeep of memorials and cemeteries. These areas are normally maintained with the financing of burial trust funds. Cemeteries who offer prearranged burial vaults and markers are required by the state to secure their Endowment Care for Burial Vaults and Markers Penal Bond.
What is the Oregon Endowment Care for Burial Vaults and Markers Penal Bond?
Before cemeteries can legally offer included burial vaults and markers along with the prearranged burial contracts, the State of Oregon requires businesses to secure an Endowment Care Bond in the amount of $10,000. The bond serves as a guarantee that businesses will abide by the laws imposed by the state and that the public will be compensated in the case of licensing infractions.
You may visit the Preneed Certified Providers page of Oregon’s Department of Financial Regulations for more information.
How does it work?
The Oregon Endowment Care for Burial Vaults and Markers Penal Bond must be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are the Principal (applicant), Obligee (Oregon State Dept. of Consumer and Business Services), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Surety Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their standards or violate other licensing provisions. The Surety Company will assess the validity of claims, where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Surety Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the businesses responsibility over their dealings.
How much does it cost?
The Oregon Endowment Care for Burial Faults and Markers Penal Bond is normally between $150 and $800, depending on the employer’s credit score, industry experience, business history, and the surety provider’s background. The premium rate may start with 1.5% to 8%, depeding on your standing during the assessment.
Want to know your standing? Get your free surety bond quote today!
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 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.