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Atlantic City Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain an Atlantic City Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $2,500
- Who Needs it: All auctioneers operating in Atlantic City, New Jersey
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Atlantic City: The Atlantic City Department of Licensing and Inspection
Background
Atlantic City Code 87-2 requires all auctioneers operating in the city to obtain a mercantile license from the Atlantic City Department of Licensing and Inspection. The Atlantic City 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 $2,500 surety bond to be eligible for licensure.
What is the Purpose of the Atlantic City Auctioneer Bond?
Atlantic City 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 Atlantic City Code 87-5. Specifically, the bond protects the public if the auctioneer commits fraud or does not pay all required taxes, 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 an Atlantic City Auctioneer Surety Bond?
BondExchange makes obtaining a Atlantic City 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.
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.
Not an agent? Then let us pair you with one!
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Is a Credit Check Required for the Atlantic City Auctioneer Bond?
No, a credit check is not required for the Atlantic City Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the city, regardless of their credit history.
How Much Does the Atlantic City Auctioneer Bond Cost?
The Atlantic City Auctioneer bond costs just $100 per year.
Who is Required to Purchase the Bond?
Atlantic City requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Atlantic City Code 87-2, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
Exemptions to this requirement include:
- Court-appointed representatives acting within the scope of their authority
- Persons liquidating assets involved in a bankruptcy or trust
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 Atlantic City?
Auctioneers in Atlantic City 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 – All Atlantic City Auctioneer Licenses expire on July 31 of each year and must be renewed before the expiration date.
Step 1 – Contact the Department of Licensing and Inspection
Before applying for licensure, auctioneers should contact the city’s Department of Licensing and Inspection. The department will walk the auctioneer through the application process and answer any questions they have.
Step 2 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $2,500 surety bond.
Step 3 – Complete the Application
Auctioneers should submit their completed application, including a $100 license fee, online here. Auctioneers must complete the application in its entirety, and submit the following items:
-
- Surety Bond
- Photo ID
- Proof of Citizenship
- Recommendations from three references that have known the applicant for a minimum of three years and live in Atlantic City
- 2” x 2” headshot taken within the last year
How do Atlantic City Auctioneers Renew Their Licenses?
Auctioneers should submit their completed renewal applications, including the $100 renewal fee, online here. All Atlantic City Auction Licenses expire on July 31 of each year and must be renewed before the expiration date.
What are the Insurance Requirements for Auctioneers in Atlantic City?
Atlantic City 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 $2,500 surety bond.
How Do Atlantic City Auctioneers File Their Bonds?
Auctioneers should mail or deliver their completed bond forms, including the power of attorney, to the Department of Licensing & Inspection at the following address:
1301 Bacharach Blvd, Suite 409
Atlantic City, NJ 08401
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
- Date the bond is signed
- Dates the bond goes into effect and expires
What Can Atlantic City Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Atlantic City must follow all license regulations in the city, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Pay all required taxes, fines, and fees
What Other Insurance Products Can Agents Offer Auctioneers in Atlantic City?
Atlantic City 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 Atlantic City Auctioneer Customers?
Atlantic City unfortunately does not provide a public database of active auctioneers in the city. We suggest contacting the Department of Licensing and Inspection to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
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