Harford County Auctioneer Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Harford County Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All auctioneers operating in Harford County, Maryland
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Harford County: The Harford County Department of Inspections, Licenses, and Permits
Harford County Code 72-1 requires all auctioneers operating in the county to obtain a license from the Department of Inspections, Licenses, and Permits. The Harford County Council enacted the licensing laws and regulations to ensure that auctioneers engage in ethical business practices. To provide financial security for the enforcement of the licensing law, auctioneers must purchase and maintain a $5,000 surety bond to be eligible for licensure.
What is the Purpose of the Harford County Auctioneer Bond?
Harford County requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond protects the public from financial harm if the auctioneer fails to comply with the regulations set forth in Harford County Code 72-3. Specifically, the bond protects the public from financial harm in the event the auctioneer fails to provide all goods that have been paid for or breaches any consumer contracts. In short, the bond is a type of insurance that protects the public if the auctioneer violates the terms of their license.
How Can an Insurance Agent Obtain a Harford County Auctioneer Surety Bond?
BondExchange makes obtaining a Harford County Auctioneer surety bond easy. Simply login to your account and use our keyword search to find the “Auctioneer” bond in our database. Don’t have a login? Gain access 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 Harford County Auctioneer Bond?
No, a credit check is not required for the Harford County Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the county, regardless of their credit history.
How Much Does the Harford County Auctioneer Bond Cost?
The Harford County Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Harford County requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Harford County Code 72-1, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How Do Auctioneers Apply for a License in Harford County?
Auctioneers in Harford County must navigate several steps to secure their licenses. Below are the general guidelines, but applicants should contact the Department of Inspections, Licenses, and Permits for details on the process.
License Period – All Harford County Auctioneer Licenses expire on June 30 of each year and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $5,000 surety bond.
Step 2 – Complete the Application
Harford County Permit Center
220 South Main Street
Bel Air, Maryland 21014
Applicants should complete the application in its entirety, and submit the following items:
- Surety bond
- Licensing fee
- $50 for Harford County Residents
- $100 for Non Residents
How Do Harford County Auctioneers Renew Their Licenses?
To renew their license, auctioneers should contact the county’s Department of Inspections, Licenses and Permits. The department will walk the auctioneer through the renewal process, provide them with all required forms, and answer any questions they may have. All Harford County Auctioneer Licenses expire on June 30 and must be renewed before the expiration date.
What are the Insurance Requirements for Auctioneers in Harford County?
Harford County does not require auctioneers to purchase any form of liability insurance as a prerequisite to obtaining a business license. Auctioneers must purchase and maintain a $5,000 surety bond.
How Do Harford County Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the following address:
Department of Inspections, Licenses and Permits
220 South Main Street
Bel Air, Maryland 21014
The bond requires signatures from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Name of the obligee and the license type applied for
- Bond amount
- Date the bond is signed
What Can Harford County Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Harford County must follow all license regulations in the county, including some of the most important issues below that tend to cause claims:
- Provide all goods that have been paid for
- Do not breach any contracts made with consumers
- Do not engage in any acts of fraud
What Other Insurance Products Can Agents Offer Auctioneers in Harford County?
Harford County does not require auctioneers to purchase any form of liability insurance as a prerequisite to obtaining a business license. However, most reputable auctioneers will obtain this insurance anyway. Bonds are our only business at BondExchange, so we do not issue liability 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 Harford County Auctioneer Customers?
Harford County unfortunately does not provide a public database of active auctioneers in the county. We suggest contacting the Department of Inspections, Licenses and Permits to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.