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What are Michigan License and Permit Bonds?
License and permit bonds are required by the state of Michigan and other municipal entities to receive a license or permit to operate and comply with business activities. Michigan surety bonds guaranty compliance with Michigan surety bond law, municipal ordinances and regulations. Many of these bonds are instant issue and can be provided to you at a very low rate. Just pay the premium, sign the agreement and we issue the bond - Its that simple!
Examples of Michigan surety bonds include:
- Contractors license bonds assure that a contractor (such as a plumber, electrician, or general contractor) comply with laws relating to their field.
- Customs bonds, including importer entry bonds, assure compliance with all relevant laws, as well as payment of import duties and taxes.
- Tax bonds assure that a business owner comply with laws relating to the remittance of sales or other taxes.
- Reclamation and environmental protection bonds guarantee restoration of a site to its original condition after operations have ceased.
- Brokers bonds, including Insurance, Mortgage, and Title Agency bonds guarantee industry standard, state rule and regulation compliance.
- ERISA (Employee Retirement Income Security Act) bonds protect against plan loss due to fraud or dishonesty by persons who "handle" plan funds or other property.
- Motor vehicle dealer bonds, also called Auto Dealer Bonds, a DMV Bonds, or a Used Car Dealer Bonds. To be licensed, dealers are required to post a bond.
- Freight Broker Bonds are also called ICC Broker Bonds, Federal Freight Forwarder Bonds or BMC-84 bonds and are a needed to legally operate as a transportation broker.
- Money transmitter bonds are also called money remitter bonds, money services business bonds, or check casher bonds, assure adherence to industry laws and other standards.
- Health spa bonds are also called Health and Fitness Club Bonds, or Physical Exercise Club Bonds. These bonds protect spa members from a loss resulting in a spa closing.
- Lost Title Bonds are also called bonded titles, lost title bonds or certificate of title bonds. Needed if the owner has lost or needs a replacement title for registration.
- Performance / Payment Bonds assures contractor or subcontractor payment to their subcontractors, material suppliers or laborers for the work and materials provided.
- Site Improvement Bonds provide assurance that contractors complete tasks when doing improvements on current sites rather than on a new buildings.
- Utility Bonds provide financial assurance that a person or organization will pay for utilities on time. Usually required when a large volume of projected use is anticipated.
- We can bond almost any one without collateral for most license bonds for the state of Michigan.
How do Michigan surety bonds protect me?
Michigan Surety Bonds protect the public. If you (The Principal) fail to accomplish the task or obligation, (The Obligee), or the one who needs the service or work can file a claim to recover losses. If the claim is valid, the insurance company (The Surety) will make things right by providing payment to the one needing the work (The Obligee). The Surety will then expect the principal to reimburse them for any claims paid. As government agencies regulate industries to reduce the likelihood of financial lost, the Surety provides a line of credit to the Obligee in case the principal fails to fulfill the contract.