Oregon Wholesale Fish Dealers and Fish or Shellfish Canners Bond
The state’s Department of Fish and Wildlife is in-charge of regulating the wholesale fish dealers industry in the State of Oregon; hence, businesses who will deal with food fish within the waters of the state is required to ensure a bond. The department ensures that the waters of the state is free from high levels of toxins from contaminants that may come from fish food, which may cause different illnesses upon consumption.
What is the on Oregon Wholesale Fish Dealers and Fish or Shellfish Canners bond?
The Oregon Wholesale Fish Dealers and Fish or Shellfish Canners Bond will ensure that a surety bond company will pay for the needed compensation in the case of a company’s violation to comply with the state’s rules on dealing with fish food including oysters, clams, and mussels, and others.
For more information on licensing requirements, please visit the Oregon's Commercial Fishing and Fisheries.
Why do you need the Oregon Wholesale Fish Dealers and Fish or Shellfish Canners Bond?
The bond is a pre-requisite for applicant’s prior securing their dealership licenses. This will allow the legal operation of the applicants, following state standards in handling business transactions in the seafoods industry.
Aside from the legal compliance, the benefits of the bond include:
- Guaranteed good reputation of the company
- Financial security and credential boost
- Available full line of credit
- Confidentiality of your transactions - unless required by law
- Access to professional advice or counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (permittee), Obligee (State of Oregon), and Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Department of Fish and Wildlife and must be issued by a surety bond provider certified by the state’s Insurance Department.
The Surety Company will guarantee the compensation (performance bond) of the Obligee in case the Principal fails to deliver agreed upon services or violate any licensing provisions. The Surety Company 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 will then reimburse all expenses covered by the Bond Company, including the premiums for the surety coverage.
How much does it cost?
The premiums are usually between 1.5% and 8% with the latter being the worst rate you can get. Here are the determining factors for the premium rates:
- employer’s credit score
- industry experience
- business history
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon Wholesale Fish Dealers and Fish or Shellfish Canners Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured, our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!