What is a Parking Lot Surety Bond?
Parking Lot Surety Bonds are required for businesses which operate parking lots and garages for a fee. These surety bonds protect against any losses or damages to vehicles caused by theft or negligence on behalf of the business which owns the parking lot or garage. They also ensure that the business operates in compliance with all applicable laws and regulations.
Which states require Parking Lot Surety Bonds?
Pacific Surety proudly offers Parking Lot 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 Parking Lot Surety Bonds?
Bond amounts for Parking Surety Bonds vary and are based on the obligee’s requirements for licensure. Bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Parking Lot Surety Bond cost?
Pricing for Parking Lot Surety Bonds will vary, 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 anyone 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 Parking Lot 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 Parking Lot Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Parking Lot 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 Parking Lot 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 Parking Lot Surety Bond protect?
Parking Lot Surety Bonds protect against any losses or damages to vehicles caused by theft or negligence on behalf of the business which owns the parking lot or garage. They also ensure that the business operates in compliance with all applicable laws and regulations. Should any laws or regulations be violated, a claim can be filed against the bond. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are 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.