Roxbury Auctioneer Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Roxbury Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $3,000
- Who Needs it: All auctioneers operating in the town of Roxbury, New Jersey
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Roxbury: The Roxbury Clerk’s Office
Roxbury Municipal Code 4-2.1 requires all auctioneers operating in the town to obtain a license from the Clerk’s Office. The Roxbury Town 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 $3,000 surety bond to be eligible for licensure.
What is the Purpose of the Roxbury Auctioneer Bond?
Roxbury 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 Roxbury Municipal Code 4-2.4. Specifically, the bond protects the public if the auctioneer commits fraud or does not pay all required fines and fees. 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 Roxbury Auctioneer Surety Bond?
BondExchange makes obtaining a Roxbury 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 Roxbury Auctioneer Bond?
No, a credit check is not required for the Roxbury Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the town, regardless of their credit history.
How Much Does the Roxbury Auctioneer Bond Cost?
The Roxbury Auctioneer bond costs just $100 per year.
Who is Required to Purchase the Bond?
Roxbury requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Roxbury Municipal Code 4-2.1, 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 Roxbury?
Auctioneers in Roxbury must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the licensing statutes for details on the process.
License Period – Roxbury Auctioneer Licenses can be issued for anywhere between a 1-month to 12-month period based on the applicant’s preference.
Step 1 – Contact the Town Clerk’s Office
Auctioneers should contact the Township Clerk’s Office before applying for a license. The department will walk the auctioneer through the application process, answer any questions they may have, and provide them with all required application forms.
Step 2 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $3,000 surety bond.
Step 3 – Complete the Application
The Town Clerk will email auctioneers the required application forms. Auctioneers must complete the forms and email them back to the clerk along with the following items:
- Surety Bond
- Licensing fee
- $500 licenses lasting between 6 to 12 months
- $250 for licenses lasting between 1 to 6 months
- $25 plus $10 per day for a 1 month license
- 2” x 2” headshot taken within the last 60 days
- Two references from property owners in Morris County, New Jersey
How Do Roxbury Auctioneers Renew Their Licenses?
To renew their licenses, auctioneers should contact the Town Clerk’s Office, which will provide the auctioneer with the renewal application. Roxbury Auctioneer Licenses can be issued for anywhere between a 1-month to 12-month period based on the applicant’s preference.
What are the Insurance Requirements for Auctioneers in Roxbury?
Roxbury 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 $3,000 surety bond.
How Do Roxbury Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the Town Clerk’s Office at the following address:
1715 Route 46
Ledgewood, NJ 07852
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 Roxbury Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Roxbury must follow all license regulations in the town, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Pay all required fines and fees
What Other Insurance Products Can Agents Offer Auctioneers in Roxbury?
Roxbury 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 Roxbury Auctioneer Customers?
Roxbury unfortunately does not provide a public database of active auctioneers. We suggest contacting the Town Clerk’s Office to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.