Auto dismantler surety bond in Florida or Alabama

[Speeds8erM-1]

I have done a little reading so far and Im confused as to how you actually pay for a surety bond. In Alabama, to be an auto dismantler, you need a $10000 surety bond. Does that mean you put up $10000 of your own money or how exactly does it work? Nobody has really given me good info on this and it's kind of new to me. I cant remember the amount needed in Florida. I know the basic reasoning behind needing it, especially going to auctions and such. Hopefully the bond gurus can come on here and give me some facts in laymens terms.

Thanks,

David

[Surety Guy]

David,

You are not alone when it comes to confusion with surety bonds. Fortunately, you will not have to pay $10,000 for the bond. However, you will pay an annual premium for "surety credit". You pay X amount for a bonding company to extend their financial strength to guarantee that you are good for the $10,000 in the event of a claim. You can read more about bonding in general in our bond information section.

If you would like to find out what your annual premium will be, you can apply at the License Bond Application

Let me know if you have any further questions.

[Speeds8erM-1]

Thanks for the help, now it's time to call around and see what the going rate is.

[michael]

we nee an auto dealer licence and surety bonds

[Admin]

You can apply at: mvd bond applications