What is a Virginia Precious Metal and Gem Dealer Bond?
A quick guide to one of the most important requirements for precious metal and gem dealers!
What is a Precious Metal and Gem Dealer Bond?
As part of the permit requirement, all persons who wish to conduct business as a precious metal and gem dealer in the Commonwealth of Virginia must obtain a surety bond.
The surety bond will ensure that the precious metal and gem dealer will observe the provisions of Title 54.1 Chapter 41 of the Code of Virginia when performing their services.
It will also be conditioned that the surety bond will be used to compensate any person who will suffer damages from the misconduct or wrongful acts of the precious metal and gem dealer.
When this happens, the Obligee (the bond’s beneficiary) will be eligible to file for a bond claim to recover the amount lost.
What is the Precious Metal and Gem Dealer Bond amount?
The bond amount is $10,000.
If you have a stellar credit score, you will be eligible for a low bond premium. Bond premium starts at $100.
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get a Precious Metal and Gem Dealer Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent 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 surety bond should be made payable to any person who will suffer damages due to the misconduct of the precious metal and gem dealer
- The precious metal and gem dealer is obligated to obey the provisions of 54.1 Chapter 41 of the Code of Virginia
- If the precious metal and gem dealer commits a violation, the aggrieved party will be eligible to file a claim against the bond