Cornelius Peddler Bond: A Comprehensive Guide
April 18, 2021
This guide provides information for insurance agents to help their customers obtain a Cornelius Peddler Bond
At a Glance:
- Average Cost: $100 per year
- Bond Amount: $5,000
- Who Needs it: All peddlers operating in Cornelius, North Carolina
- Purpose: To ensure the public will receive compensation for any damages if the peddler violates the terms of their permit
- Who Regulates Peddlers in Cornelius: The Cornelius Police Department
Cornelius Municipal Code 116.02 requires all peddlers operating in the town to obtain a permit from the Police Department. The board of commissioners enacted the permit requirement to ensure that peddlers engage in ethical business practices. To provide financial security for the enforcement of the permitting law, peddlers must purchase and maintain a $5,000 surety bond to be eligible for a permit.
What is the Purpose of the Cornelius Peddler Bond?
Cornelius requires peddlers to purchase a surety bond as part of the application process to obtain a permit. The bond ensures that the public will receive compensation for financial harm if the peddler fails to comply with the regulations set forth in Cornelius Municipal Code 116.02. Specifically, the bond protects the public in the event the peddler fails to provide all goods that have been paid for. In short, the bond is a type of insurance that protects the public if the peddler acts unethically.
How Can an Insurance Agent Obtain a Cornelius Peddler Surety Bond?
BondExchange makes obtaining a Cornelius Peddler bond easy. Simply login to your account and use our keyword search to find the “peddler” bond in our database. Don’t have a login? Enroll now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Cornelius Peddler Bond?
No, a credit check is not required for the bond. Because the bond is considered relatively low risk, the same low rate is offered to all peddlers operating in the town, regardless of their credit history.
How Much Does the Cornelius Peddler Bond Cost?
The Cornelius Peddler bond costs just $100 per year.
Who is Required to Purchase the Bond?
Cornelius requires peddlers to purchase a surety bond as a prerequisite to obtaining a business permit. To paraphrase Cornelius Municipal Code 116.01, a peddler is a person that travels from place to place selling goods or services.
How do Peddlers Apply for a Permit in Cornelius?
Pedlers in Cornelius must navigate several steps to secure a permit. Below are the general guidelines, but applicants should refer to the application form for details on the process.
Permit Period – All Cornelius Peddler Permits are valid for 5 days from the date of issuance
Step 1 – Purchase a Surety Bond
Peddlers must purchase and maintain a $5,000 surety bond
Step 2 – Complete the Application
All Cornelius Peddler Permit applications should be delivered to the Police Department at the following address:
21440 Catawba Avenue
Cornelius, NC 28031
Peddlers must complete the application in its entirety, and pay a $25 fee. The Police Department will conduct a fingerprint check on the peddler before issuing them a permit.
Can Cornelius Peddlers Renew Their Permits?
No, peddlers in Cornelius are unable to renew their existing permits. Peddlers needing to extend their permits must apply for a new one. All Cornelius Peddler Permits are valid for 5 days from the date of issuance.
What are the Insurance Requirements for Peddlers in Cornelius?
Cornelius does not require peddlers to purchase any form of liability insurance as a prerequisite to obtaining a business permit. Peddlers must purchase and maintain a $5,000 surety bond.
How Do Cornelius Peddlers File Their Bonds?
Peddlers should deliver their completed bond forms, including the power of attorney, to the Cornelius Police Department at:
21440 Catawba Avenue
Cornelius, NC 28031
The surety bond requires signatures from both the surety company that issues the bond and from the peddler. The surety company should include the following information on the bond form:
- Legal name and permit classification of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Entity requiring the bond
- Date the bond goes into effect
- Date the bond is signed
What Can Peddlers do to Avoid Claims Against Their Cornelius Peddler Bonds?
To avoid claims against their bonds, peddlers in Cornelius must follow all permit regulations in the town, including some of the most important issues below that tend to cause claims:
- Provide all goods and services that have been paid for
- Do not sell faulty merchandise
- Provide refunds for all faulty products requested within 30 days from the date of delivery
What Other Insurance Products Can Agents Offer Peddlers in Cornelius?
Cornelius does not require peddlers to purchase any form of liability insurance. However, some peddlers may choose to purchase this insurance anyway. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Cornelius Peddler Customers?
Cornelius unfortunately does not provide a public database of active peddlers in the city. We suggest contacting the city directly to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.