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Thread: New Ownership

  1. Mother Bond
    Mother Bond is offline Senior Member
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    Oct 2007
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    New Ownership

    I just took over an agency that's already approved with the ARC. Is the bond currently in place still valid or do I need to obtain a new one?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    Oct 2007
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    ARC Bonds - Increase

    Quote Originally Posted by Mother Bond
    I just took over an agency that's already approved with the ARC. Is the bond currently in place still valid or do I need to obtain a new one?
    You really need to apply for a new bond. It's definitely to the advantage of the previous owners - since they are on the Indemnity Agreement.
    Please visit the following link to apply.
    ARC Bonds - Surety Bond Types
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  3. Mother Bond
    Mother Bond is offline Senior Member
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    New Ownership

    Then, how should we go about canceling the old bond? Is that up to me to do or does the previous owner have to take care of that?
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  4. Surety Queen
    Surety Queen is offline Surety Professional
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    New Ownership

    Quote Originally Posted by Mother Bond
    Then, how should we go about canceling the old bond? Is that up to me to do or does the previous owner have to take care of that?
    If the previous owners were the ones who signed the indemnity for the current bond, then they should request the cancellation.
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  5. aarathi
    aarathi is offline Junior Member
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    You must cancel the old bond and register for new bond.
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  6. Surety Queen
    Surety Queen is offline Surety Professional
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    Oct 2007
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    ARC Bonds

    Quote Originally Posted by aarathi
    You must cancel the old bond and register for new bond.
    This is right - but the cancellation request must come from the Principal on the original bond.
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