Oregon Grain Warehouseman Bond
What is the Oregon Grain Warehouseman Bond?
Companies or individuals planning to operate grain warehouses in the State of Oregon must first secure their license with the state’s Department of Agriculture. Accordingly, one requirement for a warehouse license is the Oregon Grain Warehouseman Bond which is in compliance with the provisions of the Oregon Revised Statutes (ORS) Chapter 586.300.
The bond posted must amount to at least $20,000 but no more than $200,000 and will be used to insure the grains - under their current market value - against calamities and accidents. The department will ultimately decide the bond amount.
For more information, you may read on the Oregon Grain Warehouse Bond.
Why do you need an Oregon Grain Warehouseman Bond?
The State of Oregon, by virtue of the ORS 586.300, mandates that Grain Warehousemen must be bonded in order to obtain proper licensing requirements to legally operate their business. The bond also serves in the regulation of the warehouse facilities and owners in the state whereby the State of Oregon is entitled to conduct audits, inspect facilities, and schedule an annual license fee of $500.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Clients are completely safe and secure under your agency
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
More details about the Oregon Grain Warehouseman Bond
The Grain Warehouseman Bond must be filed with the State of Oregon Department of Agriculture. The bond must also be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are:
- Principal (permittee)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider or insurance).
How much does an Oregon Grain Warehouseman Bond cost?
The cost of the Oregon Grain Warehouseman Bond in the State of Oregon will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. Typically, the bond will be 1.5% and 8% of the total bond amount. The better the applicant’s credit score, the better the premium rate is.
Want to know your standing? Visit here and get your surety bond quote today!
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
Application
To secure your bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
Requirements
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
Assessment
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Bond Issuance
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.