Goldsboro Itinerant Merchant Bond: A Comprehensive Guide

April 13, 2021

Goldsboro Itinerant Merchant Bond

This guide provides information for insurance agents to help their customers obtain a Goldsboro Itinerant Merchant Bond

At a Glance:

  • Average Cost: $100 per year
  • Bond Amount: $500 or 100 times the cost of the most expensive item offered for sale, whichever is less
  • Who Needs it: All itinerant merchants and peddlers operating in Goldsboro, North Carolina
  • Purpose: To ensure the public will receive compensation for any damages if the merchant commits fraud
  • Who Regulates Itinerant Merchants in Goldsboro: The Goldsboro Inspections Division

Background

Goldsboro Municipal Code 113.15 requires all itinerant merchants operating in the city to obtain a permit from the Inspections Division. The city council enacted the permit requirement to ensure that merchants engage in ethical business practices. To provide financial security for the enforcement of the permitting law, itinerant merchants must purchase and maintain a surety bond to be eligible for a permit.

What is the Purpose of the Goldsboro Itinerant Merchant Bond?

Goldsboro requires itinerant merchants 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 merchant fails to comply with the regulations set forth in Goldsboro Municipal Code 113.19. Specifically, the bond protects the public in the event the merchant engages in any acts of fraud or misrepresentation. In short, the bond is a type of insurance that protects the public if the merchant violates the terms of their permit.

Goldsboro Itinerant Merchant Bond Form

Goldsboro Itinerant Merchant Bond Form

How Can an Insurance Agent Obtain a Goldsboro Itinerant Merchant Surety Bond?

BondExchange makes obtaining a Goldsboro Itinerant Merchant bond easy. Simply login to your account and use our keyword search to find the “merchant” 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.

At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

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Is a Credit Check Required for the Goldsboro Itinerant Merchant Bond?

No, a credit check is not required for the Goldsboro Itinerant Merchant bond. Because the bond is considered relatively low risk, the same low rate is offered to all itinerant merchants operating in Goldsboro, regardless of their credit history.

How Much Does the Goldsboro Itinerant Merchant Bond Cost?

The Goldsboro Itinerant Merchant bond costs just $100 per year.

Who is Required to Purchase the Bond?

Goldsboro requires itinerant merchants and peddlers to purchase a surety bond as a prerequisite to obtaining a permit. To paraphrase Goldsboro Municipal Code 113.01, an itinerant merchant is a person that temporarily exhibits and sells goods in the city, while a peddler is a person that travels from city to city attempting to sell goods they have brought with them. Exemptions to the definition include:

  • Persons selling at flea markets
  • Persons selling at yard sales (limited to twice within a 12 month period)
  • Groups of 10 or more merchants selling at a shopping area or trade show for a period of 7 days or less

Merchants selling the following goods do not need to be bonded:

  • Books
  • Periodicals
  • Printed music
  • Ice
  • Wood
  • Agricultural products

How do Itinerant Merchants Apply for a Permit in Goldsboro?

Itinerant merchants in Goldsboro must navigate several steps to secure a permit. Below are the general guidelines, but applicants should refer to the permitting statutes for details on the process.

Permit Term – All Goldsboro Itinerant Merchant Permits expire 90 days from the date of issuance

Step 1 – Purchase a Surety Bond

Itinerant merchants and peddlers must purchase and maintain a surety bond with a limit of $500 or 100 times the cost of the most expensive item offered for sale, whichever is less

Step 2 – Complete the Application

Itinerant merchants should mail or deliver their completed application, including a $35 fee, to the following address:

City of Goldsboro
200 North Center Street
PO Drawer A
Goldsboro, NC 27530

Merchants must complete the application in its entirety, and submit the following items:

    • Written consent of the owner of the land where the merchant will conduct business
    • If the land is used by a business, then a written consent from the business owner as well
    • Names of all company employees and a list of products to be sold

How do Goldsboro Itinerant Merchants Renew Their Permits

Merchants who need to renew their permits may do so by paying a $35 fee and submitting a renewal application to:

City of Goldsboro
200 North Center Street
PO Drawer A
Goldsboro, NC 27530

All Goldsboro Itinerant Merchant Permits expire 90 days from the date of issuance.

What are the Insurance Requirements for Itinerant Merchants in Goldsboro?

Goldsboro does not require itinerant merchants to purchase any form of liability insurance before obtaining a permit. Itinerant merchants and peddlers must purchase and maintain a surety bond with a limit of $500 or 100 times the cost of the most expensive item offered for sale, whichever is less.

How Do Goldsboro Itinerant Merchants File Their Bonds?

Itinerant merchants should mail or deliver their completed bond forms, including the power of attorney, to the following address:

City of Goldsboro
200 North Center Street
PO Drawer A
Goldsboro, NC 27530

The surety bond requires signatures from both the surety company that issues the bond and from the merchant. The surety company should include the following information on the bond form:

  • Legal name and address of the entity/individual(s) buying the bond
  • Surety company’s name and address
  • Bond amount
  • Date the bond is signed

What Can Goldsboro Itinerant Merchants do to Avoid Claims Against Their Bonds?

To avoid claims against their bonds, itinerant merchants in Goldsboro must adhere to all permit regulations in the city and should ensure that they do not engage in any acts of fraud or misrepresentation.

What Other Insurance Products Can Agents Offer Itinerant Merchants in Goldsboro?

Goldsboro does not require itinerant merchants to purchase any form of liability insurance as a prerequisite to obtaining a permit. However, merchants 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 Goldsboro Itinerant Merchant Customers?

Goldsboro conveniently provides a public database of active itinerant merchants in the city. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.

2022-04-18T11:13:37-04:00