What is a Virginia Household Goods Carrier Bond?
A quick guide to one of the most important requirements for household goods carriers!
What is a Household Goods Carrier Bond?
The Department of Motor Vehicles of the Commonwealth of Virginia requires household goods carriers to submit a surety bond.
The surety bond is a requirement for the issuance of a certificate of fitness needed for the transportation of household goods between two or more points within the Commonwealth of Virginia, regardless of routes.
The purpose of the surety bond is to ensure the compliance of the household goods carrier to the applicable state laws and rules.
Any wrongful act committed by the household goods carrier will be a ground for a bond claim. When this happens, the surety bond will compensate the person who has suffered damages.
This requirement is in line with Section 46.2-2122 of the Code of Virginia.
What is the Household Goods Carrier Bond amount?
The bond amount is $50,000.
If you have a stellar credit score, you will be eligible for a low bond premium, or just 1% of the bond amount!
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get a Household Goods Carrier Bond?
In order to secure this type of bond, the 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 prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the Commonwealth of Virginia
- The People of the Commonwealth of Virginia should be named as the Obligee of the bond
- The household goods carrier is obligated to obey the provisions of Title 46.2. Chapter 21 of the Code of Virginia as well as the rules and regulations of the Department of Motor Vehicles of the Commonwealth of Virginia
- If the household goods carrier commits a violation, the aggrieved party will be eligible to file a claim against the bond
- The surety bond should be valid for the first five years of licensure