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Wall Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a Wall 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 the Town of Wall, New Jersey
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Wall: The Wall Town Clerk’s Office
Background
Wall Municipal Code 68-2 requires all auctioneers operating in the town to obtain a license from the Town Clerk’s Office. The Wall 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 $1,000 surety bond to be eligible for licensure.
What is the Purpose of the Wall Auctioneer Bond?
Wall requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond ensures the public will receive compensation for financial harm if the auctioneer fails to comply with the regulations set forth in Wall Municipal Code 68-6. Specifically, the bond protects the public if the auctioneer engages in any acts of fraud or breaches contracts made with consumers. 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 Wall Auctioneer Surety Bond?
BondExchange makes obtaining a Wall 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!
Click the above image to find a BX Agent near you
Is a Credit Check Required for the Wall Auctioneer Bond?
No, a credit check is not required for the Wall 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 Wall Auctioneer Bond Cost?
The Wall Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Wall requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Wall Municipal Code 68-2, a person that publicly sells property to the highest bidder at auction is required to be licensed as an auctioneer.
Exemptions to this requirement include:
- Farmers selling products raised on their own farm
- Individuals selling their own 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 Wall?
Auctioneers in Wall 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 – Wall Auctioneer Licenses can be issued for anywhere between a 1-day to 1-year period based on the applicant’s preference.
Step 1 – Purchase a Surety Bond
Auctioneers are required to purchase and maintain a $1,000 surety bond.
Step 2 – Contact the Town Clerk’s Office
Auctioneers should contact the Town Clerk’s Office before applying for a license. The clerk will walk the auctioneer through the application process, answer any questions they may have, and email them all required forms that auctioneers must complete and send back.
Auctioneers must pay one of the following fees before receiving their license:
-
- $5 per day for any period less than one year OR
- $50 per year
How Do Wall Auctioneers Renew Their Licenses?
To renew their licenses, auctioneers should contact the Town Clerk’s Office. Wall Auctioneer Licenses can be issued for anywhere between a 1-day to a 1-year period based on the applicant’s preference.
What are the Insurance Requirements for Auctioneers in Wall?
Wall 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 Wall Auctioneers File Their Bonds?
Auctioneers should submit their completed bond forms, including the power of attorney, to the Town Clerk’s Office at the following address:
2700 Allaire Road
Wall, NJ 07719
The bond requires signatures, including witness 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 being applied for
- Date the bond is signed and goes into effect
- Bond amount
What Can Wall Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Wall 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
- Faithfully honor all consumer contracts
What Other Insurance Products Can Agents Offer Auctioneers in Wall?
Wall 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 Wall Auctioneer Customers?
Wall unfortunately does not provide a public database of active auctioneers in the town. 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.
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