We are a surety only agency that thrives on creating an unbeatable client experience! Our industry leading bond volume allows us to create programs that can be tailored to each individual client, getting them their bond faster at the cheapest cost! Below are a few reasons our clients love to work with us:
An appraisal company bond is a type of surety bond required from appraisal companies by the government. Appraisal companies need to obtain this surety bond to ensure legal work performance and guarantee they will follow the rules and regulations specific to the appraisal industry. Simply put, an appraisal company obtains an appraiser’s license that guarantees honest and accurate home appraisals. Both homeowners and homebuyers can be sure the house is not appraised more or less than its actual worth.
Like other surety bonds, an appraisal company bond involves three parties: the principal, the surety, and the obligee. The principal is the individual or company that needs the bond required by the government or obligee. A surety is a company or organization that issues the bond and assumes the responsibility of paying the debt in the case that the principal defaults on the bond.
Appraisal company bond cost depends on multiple factors. An appraisal management company needs to obtain the bond of a certain value and pay the premium before the bond can be issued. Each state has different requirements for the total value of the required bond, usually between $20,000 and $100,000. The premium is usually somewhere between 1% to 10% of the total bond amount but in most states, you can expect to pay about $200 for an appraisal company bond with a 1-year term.
The final price depends on several factors, mainly the credit score and financial statement of an appraisal management company. At Bonding Solutions, we offer our clients the lowest industry rates and free consultations. Call us today to find out your bond premium rate or apply online for a free quote.
Appraisal management companies need to be licensed and provide this surety bond in many states across the U.S. The purpose of appraisal company bonds is to ensure the legal performance of appraisal companies and protect the public from fraud. They are meant to cover financial losses in the case that clients get deceived by appraisal companies in any way.
Bonding Solutions is a leading surety agency in the nation with the ability to underwrite bonds in any state. If you are in need of an appraisal company bond, we are the team to call. Our quick online application process makes it easy to obtain the bond you need in order to keep running your business legally. Click the button below to start your online application and a team member will reach out to you shortly!Get Started