Who needs a Bingo License Surety Bond?
Bingo License Surety Bonds are required for businesses and organizations that directly conduct, provide premises for, manufacture and distribute materials relating to bingo games.
What is a Bingo License Bond?
These license and permit surety bonds ensure that the bingo-related business or organization conducts themselves in accordance with all applicable laws and regulations, as well as those noted in their bingo license. They also guarantee that winning customers, who have paid to participate in the game of bingo, receive their prize as originally advertised. Bingo License Surety Bonds protect customers against potential acts of fraud, misrepresentation of services and theft on behalf of the bingo operator.
Which states require Bingo License Surety Bonds?
Pacific Surety proudly offers Bingo License Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Bingo License Bonds?
Amounts for Bingo License Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much do Bingo License Bonds cost?
Pricing for Bingo License Surety Bonds varies, and your premium will be based on the following factors:
- State the bond is required in
- 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 between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Bingo License 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 Bingo License Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Bingo License 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 do I purchase a Bingo License Surety Bond?
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.
Who does a Bingo License Surety Bond protect?
Unlike insurance, which protects your business, Bingo License Surety Bonds protect your customers. If an individual is harmed due to the principal’s actions or any violation of the governing laws, the harmed party can file a claim 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.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.