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Warren Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a Warren Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All auctioneers operating in Warren, Michigan
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Warren: The Warren City Clerk’s Office
Background
Warren Code of Ordinances 8-21 requires all auctioneers operating in the city to obtain a license from the City Clerk’s Office. The Warren 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 Warren Auctioneer Bond?
Warren 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 the Warren Code of Ordinances 8-25. Specifically, the bond protects the public if the auctioneer engages in any acts of fraud or fails to provide all goods that have been paid for. 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 Warren Auctioneer Surety Bond?
BondExchange makes obtaining a Warren 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 Warren Auctioneer Bond?
No, a credit check is not required for the Warren 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 Warren Auctioneer Bond Cost?
The Warren Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Warren requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Warren City Code 8-21, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
Exemptions to this requirement include:
- Sheriffs, constables, or other public officers
- Court-appointed representatives acting within the scope of their authority
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 Warren?
Auctioneers in Warren must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the licensing statutes and application form for details on the process.
License Period – All Warren Auctioneer Licenses expire on March 31 of each year and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $2,500 surety bond.
Step 2 – Complete the Application
Auctioneers are required to submit their applications, including a $110 licensing fee, to the following address:
Office of the City Clerk
One City Square, Suite 205
Warren, Michigan 48093
Auctioneers must complete the application in its entirety, and submit the following items:
-
- $2,500 surety bond
- Copy of a valid driver’s license or state ID
How Do Warren Auctioneers Renew Their Licenses?
To renew their license, auctioneers should submit their completed renewal applications, including a $110 annual fee, to the following address:
Office of the City Clerk
One City Square, Suite 205
Warren, Michigan 48093
All Warren Auctioneer Licenses expire on March 31 of each year and must be renewed before the expiration.
What are the Insurance Requirements for Auctioneers in Warren?
Warren 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 Warren Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the following address:
Office of the City Clerk
One City Square, Suite 205
Warren, Michigan 48093
The bond requires signatures, including witness signatures, from both the surety companies that issue the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name and address of the entity/individual(s) buying the bond
- Surety company’s name and address
- Date the bond is signed
- Date the bond expires
What Can Warren Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Warren 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
- Provide all goods that have been paid for
What Other Insurance Products Can Agents Offer Auctioneers in Warren?
Warren 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 Warren Auctioneer Customers?
Warren 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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