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Rochester Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a Rochester 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 Rochester, New York
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Rochester: The Rochester Chief of Police
Background
Rochester Code of Ordinances 32-2 requires all auctioneers operating in the city to obtain a license from the Chief of Police. The Rochester 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 Rochester Auctioneer Bond?
Rochester requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond ensures that the public will receive compensation for financial harm if the auctioneer fails to comply with the regulations set forth in Rochester City Code 32-3. Specifically, the bond protects the public if the auctioneer commits fraud or breaches 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 Rochester Auctioneer Surety Bond?
BondExchange makes obtaining a Rochester 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 Rochester Auctioneer Bond?
No, a credit check is not required for the Rochester 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 Rochester Auctioneer Bond Cost?
The Rochester Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Rochester requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Rochester Code of Ordinance 32-1, an auctioneer is a person who publicly sells property to the highest bidder at auction.
Exemptions to this definition include:
- Sales on behalf of the court or government
- Sales of property required by a trust or lien
- Sellers of property in conditional sales
- Apprentice auctioneers employed by a licensed auctioneer
- A homeowner selling their own household goods
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 Rochester?
Auctioneers in Rochester 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 Rochester Auctioneer Licenses expire on December 31 of each year and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $1,000 surety bond.
Step 2 – Complete the Application
Auctioneers should submit their completed applications to the Licensing Unit of the City Clerk’s Office at the following address:
City Hall, Room 100A
30 Church Street
Rochester, NY 14614
Auctioneers must complete the application in its entirety and submit the following items:
-
- Surety bond
- $210 license fee
- Picture I.D. of business owner
- Criminal Background Record Check
The Chief of Police must approve the application before a license may be issued.
How do Rochester Auctioneers Renew Their Licenses?
To renew their license, auctioneers should submit a completed renewal application, including a $210 renewal fee, to the Licensing Unit of the City Clerk’s Office at the following address:
City Hall, Room 100A
30 Church Street
Rochester, NY 14614
All Rochester Auctioneer Licenses expire on December 31 and must be renewed before the expiration date.
What are the Insurance Requirements for Auctioneers in Rochester?
Rochester 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 Rochester Auctioneers File Their Bonds?
Auctioneers should mail or deliver their completed bond forms, including the power of attorney, to the Office of the City Clerk at the following address:
City Hall, Room 100A
30 Church Street
Rochester, NY 14614
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
- License type applied for
- Bond amount
- Date the bond is signed
What Can Rochester Auctioneers Do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Rochester 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
- Faithfully honor all consumer contracts
What Other Insurance Products Can Agents Offer Auctioneers in Rochester?
Rochester 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 Rochester Auctioneer Customers?
Rochester 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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