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Cedar Rapids Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a Cedar Rapids Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $1,000
- Who Needs it: All auctioneers operating in Cedar Rapids, Iowa
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Cedar Rapids: The Cedar Rapid’s City Clerk’s Office
Background
Cedar Rapids Municipal Code 44.01 requires all auctioneers operating in the city to obtain a license from the City Clerk’s Office. The Cedar Rapids 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 $1,000 surety bond to be eligible for licensure.
What is the Purpose of the Cedar Rapids Auctioneer Bond?
Cedar Rapids 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 Cedar Rapids Municipal Code 44.03. Specifically, the bond protects the public from damages if the auctioneer engages in acts of fraud or fails to maintain accurate records of transactions. 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 Cedar Rapids Auctioneer Surety Bond?
BondExchange makes obtaining a Cedar Rapids 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.
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Is a Credit Check Required for the Cedar Rapids Auctioneer Bond?
No, a credit check is not required for the Cedar Rapids 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 Cedar Rapids Auctioneer Bond Cost?
The Cedar Rapids Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Cedar Rapids requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Cedar Rapids Municipal Code 44.01, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
Exemptions to this requirement include:
- Sales made by medical examiners
- Sales made on behalf of the court or government
- Persons required by law to sell their property
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 Cedar Rapids?
Auctioneers in Cedar Rapids 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 – Auctioneers in Cedar Rapids may set their license terms for either 1 day, 3 months, 6 months, 9 months, or 1 year.
Step 1 – Contact the City Clerk’s Office
Auctioneers should contact the Cedar Rapids City Clerk’s Office before applying for a license. The department will walk the auctioneers 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 $1,000 surety bond.
Step 3 – Complete the Application
Auctioneers should submit their completed applications, including the required application fee, to the following address:
Office of the City Clerk
101 First Street SE
Cedar Rapids, IA 52401
Auctioneers must submit their surety bond with the application.
How do Cedar Rapids Auctioneers Renew Their Licenses?
To renew their license, auctioneers should submit their completed renewal applications, including the required application fee, to the following address:
Office of the City Clerk
101 First Street SE
Cedar Rapids, IA 52401
Auctioneers in Cedar Rapids may set their license terms for either 1 day, 3 months, 6 months, 9 months, or 1 year.
What are the Insurance Requirements for Auctioneers in Cedar Rapids?
Cedar Rapids 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 $1,000 surety bond.
How Do Cedar Rapids Auctioneers File Their Bonds?
Auctioneers should submit their completed bond forms, including the power of attorney, to the City Clerk’s Office at the following address:
101 First Street SE
Cedar Rapids, IA 52401
The surety bond requires signatures from 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 Cedar Rapids Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, auctioneers in Cedar Rapids must ensure that they comply with all provisions set forth in Chapter 44 of the Cedar Rapids Municipal Code. Best practices for avoiding claims include:
- Do not engage in any acts of fraud
- Do not breach any contracts made with consumers
- Maintain an accurate record of all transactions
What Other Insurance Products Can Agents Offer Auctioneers in Cedar Rapids?
Cedar Rapids 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. Auctioneers with employees must purchase workers’ compensation insurance. 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 Cedar Rapids Auctioneer Customers?
Cedar Rapids unfortunately does not provide a public database of active auctioneers in the city. We suggest contacting the City 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.
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