Not a US Citizen

[Mother Bond]

I'm starting a dealership and the DMV is requiring me to get a surety bond. Is it possible to get a bond, even though I am not a US citizen?

[Surety Queen]

Originally Posted by Mother Bond

I'm starting a dealership and the DMV is requiring me to get a surety bond. Is it possible to get a bond, even though I am not a US citizen?

Unfortunately not through any market that we have - no.

[Bond Magician]

Originally Posted by Surety Queen

Unfortunately not through any market that we have - no.

The main reason that we cannot help with this situation is because of indemnification reasons. If there's a claim, US Courts cannot force a non-US citizen to abide by any rulings, so the Surety would be left out in the cold unless they have 100% collateral.

Hope this helps!

[Admin]

Bond Magician, I believe that is no longer the case. If I recall correctly there are high risk markets willing to write non-citizens since the claims are partially built into the premiums, like insurance.

However, I can't say with 100% certainty.


Can anyone else confirm or deny this?

[Surety Queen]

Originally Posted by Admin

Bond Magician, I believe that is no longer the case. If I recall correctly there are high risk markets willing to write non-citizens since the claims are partially built into the premiums, like insurance.

However, I can't say with 100% certainty.


Can anyone else confirm or deny this?

My recent experience has been that the applicant must be a US citizen. They don't to live in the US - but they do have to be a citizen. Granted, this was for only 1 high risk surety.

[Bond Magician]

Originally Posted by Surety Queen

My recent experience has been that the applicant must be a US citizen. They don't to live in the US - but they do have to be a citizen. Granted, this was for only 1 high risk surety.

If there is more than one owner, and one owner IS a US citizen, some Surety companies will approve.

[Surety Queen]

Originally Posted by Bond Magician

If there is more than one owner, and one owner IS a US citizen, some Surety companies will approve.

I haven't run across this scenario - good to know.