These bonds vary across all industries. But it is certain that if a profession requires a license, it will almost certainly require a bond to obtain that license. from tour guides to club promoters, needs to be bonded.
Costs of a License and Permit Bond
The cost of these bonds depends on the need for underwriting and the amount of the bond. Some industries require larger bonds than others. The rate of the bond is subject to an underwriter’s investigation. This includes looking at financial history and credit reports. If a person requesting a bond has terrific credit, they will qualify for better rates for their bonds. These rates typically range from 1–15% of the bond amount. This means if a bond amount of $1000 is requested by a person with exceptional credit who earns a 1% rate, they will only need to pay $10 for their bond.
Not all bonds require an underwriter. Some bonds have a fixed fee, and these bonds have different underwriting stipulations.