Wyoming Abstractor Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Wyoming Abstractor bond.
At a Glance:
- Lowest Cost: $50 per year or $5 a month
- Bond Amount: $10,000
- Who Needs It: All abstractors operating in Wyoming
- Purpose: To protect the public from financial harm if the abstractor commits fraud or engages in unfair business practices
- Who Regulates Abstractors in Wyoming: The local county clerk’s office in which the abstractor operates
Background
Wyoming Statute 33-2-101 requires all abstractors operating in the state to obtain a license from their local county clerk’s office. The Wyoming Legislature enacted the licensing requirement to ensure that abstractors do not engage in unethical business practices. To provide financial security for the enforcement of the licensing law, abstractors must purchase and maintain a $10,000 surety bond to be eligible for licensure.
What Is the Purpose of the Wyoming Abstractor Bond?
Wyoming requires all abstractors to purchase a surety bond as part of the application process to obtain a license. The bond ensures that restitution is available to any damaged party should the abstractor fail to abide by the regulations outlined in the Wyoming Statutes Title 33, Chapter 2. Specifically, the bond protects claimants if the abstractor commits fraud or engages in unfair business practices. In short, the bond is a type of insurance that protects the public if the abstractor violates the terms of their license.
How Can an Insurance Agent Obtain a Wyoming Abstractor Bond?
BondExchange makes obtaining a Wyoming Abstractor bond easy. Simply log in to your account and use our keyword search to find the “abstractor” 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 Wyoming Abstractor Bond?
Surety companies will run a credit check on the applicant to determine eligibility and pricing for the Wyoming Abstractor bond. Abstractors with excellent credit and work experience can expect to receive the best rates, while abstractors with poor credit may be declined by some surety companies or have to pay higher rates. The credit check is a “soft hit”, meaning that the credit check will not affect the applicant’s credit.
How Much Does the Wyoming Abstractor Bond Cost?
The Wyoming Abstractor bond can cost between 0.5% to 5% of the bond amount per year. Monthly subscription options are also available. Insurance companies determine the rate based on several factors including your customer’s credit score and experience. The chart below briefly references the approximate bond cost on the $10,000 requirement.
$10,000 Wyoming Abstractor Bond Cost
| Credit Score* | Bond Cost (1 Year) | Bond Cost (1 month) |
|---|---|---|
| 680 – 720+ | $50 | $5 |
| 660 – 679 | $70 | $7 |
| 649 – 659 | $100 | $10 |
| 629 – 648 | $150 | $15 |
| 600 – 628 | $250 | $25 |
| 580 – 599 | $350 | $35 |
| 550 – 579 | $400 | $40 |
| 525 – 549 | $500 | $50 |
| 500 – 524 | $600 | $60 |
*The credit score ranges do not include other factors that may result in a change to the annual premium offered to your customers, including but not limited to, years of experience and underlying credit factors contained within the business owner’s credit report.
How Does Wyoming Define “Abstractor”?
To paraphrase Wyoming Statutes Title 33, Chapter 2, an abstractor is a business that compiles and records abstracts of titles issued to specific tracts of land. To put it simply, an abstractor issues, maintains, and keeps records of property titles for various counties in the state.
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 Abstractors Become Licensed in Wyoming?
Wyoming abstractors must apply for a license with their local county clerk’s office. The county clerk’s office should supply you with a license application, as well as further information on the licensing process. To obtain and maintain an abstractor license, a surety bond is required.
License Period – Wyoming abstractor license periods may vary due to the local licensing regulations, but it is likely to be for a one-year period.
How Do Abstractors in Wyoming Renew Their Licenses?
Wyoming abstractors are to renew their licenses with their local county clerk’s office on or before their license expiration date.
What Are the Insurance Requirements for Abstractors in Wyoming?
Wyoming does not require abstractors to purchase any form of liability insurance as a prerequisite to obtaining a license. Abstractors must purchase and maintain a $10,000 surety bond.
How Do Abstractors File Their Bonds in Wyoming?
Wyoming abstractors should submit their completed bond forms, including the power of attorney when submitting their license applications to their local county clerk’s office. The surety bond requires signatures from the surety company, as well as the abstractor. The surety company should include the following information on the bond form:
- The legal name of the individual buying the bond
- Surety company’s name
- Date the bond is signed
What Can Wyoming Abstractors Do to Avoid a Claim Against Their Surety Bond?
To avoid claims against their bonds, abstractors in Wyoming must follow all license regulations in the state, including some of the most important issues below that tend to cause claims:
- Negligence
- Misrepresentation
- Fraud
What Other Insurance Products Can Agents Offer Abstractors in Wyoming?
Most reputable abstractors will purchase business liability insurance. 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 Abstractor Customers in Wyoming?
Wyoming unfortunately does not provide a public database to search for active abstractors in the state. We suggest contacting individual county clerks’ offices to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.