Who needs a Commercial Co-Venturer Surety Bond?
Commercial Co-Venturer Surety Bonds are required for individuals and businesses that conduct sales, performance, promotion, sponsorships and any other advertised event on behalf of a charitable or religious organization. Often, this includes for-profit companies partnering with no-profit organizations in order to raise money for a charitable cause or direct sales gain. For example, companies often promote one of their products by contributing a certain percentage of sales to a charitable organization.
What are Commercial Co-Venturer Surety Bonds?
These license and permit surety bonds ensure that the principal (co-venturer) operates in accordance with all applicable laws and regulations, and guarantees that all funds raised will be allocated properly.
If the principal does not comply with the terms of the bond, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Which states require Commercial Co-Venturer Surety Bonds?
Pacific Surety proudly offers Commercial Co-Venturer Surety Bonds in the following states:
Please contact your local authority for more information about Commercial Co-Venturer Surety Bond requirements in your state.
What is the bond amount for a Commercial Co-Venturer Surety Bond?
Amounts for Commercial Co-Venturer Surety Bonds are established at the state level, and are set by the laws and statutes regulating the industry in a given state. Therefore, bond amounts and requirements will vary from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much do Commercial Co-Venturer Surety Bonds cost?
Pricing for Commercial Co-Venturer Surety Bonds varies by state. An underwriter will review your application, and your premium will be based on the following factors:
- The state requiring the bond
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Commercial Co-Venturer Agency Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Commercial Co-Venturer Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Commercial Co-Venturer Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How are Commercial Co-Venturer Surety Bonds purchased?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.