Greensboro Commercial Solicitor Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Greensboro Commercial Solicitor Bond
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: Minimum of $500 (more on this later)
- Who Needs it: All commercial solicitors operating in Greensboro, North Carolina
- Purpose: To ensure the public will receive compensation for any damages if the solicitor violates permitting law
- Who Regulates Commercial Solicitors in Greensboro: The Greensboro Financial and Administrative Services Department
Background
Greensboro Municipal Code 13-202 requires all commercial solicitors operating in the city to obtain a permit from the Financial and Administrative Services Department. The city council enacted the permit requirement to ensure that solicitors engage in ethical business practices. To provide financial security for the enforcement of the permitting law, commercial solicitors must purchase and maintain a surety bond to be eligible for a permit.
What is the Purpose of the Greensboro Commercial Solicitor Bond?
Greensboro requires commercial solicitors to purchase a surety bond as part of the application process to obtain a permit. The bond ensures that the public will receive compensation for financial harm if the solicitor fails to comply with the regulations set forth in Greensboro Municipal Code 13-202. Specifically, the bond protects the public in the event the solicitor does not issue refunds for goods or services that have not been delivered. In short, the bond is a type of insurance that protects the public if the solicitor violates the terms of their permit.
How Can an Insurance Agent Obtain a Greensboro Commercial Solicitor Surety Bond?
BondExchange makes obtaining a Greensboro Commercial Solicitor bond easy. Simply login to your account and use our keyword search to find the “solicitor” 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.
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How is the Bond Amount Determined?
Greensboro Municipal Code 13-202 dictates that the bond amount must be a minimum of $500. However, the statute also states that if the amount of undelivered goods is expected to be above $500, then the solicitor must increase their bond’s limit by increments of $250 until the discrepancy is rectified.
Is a Credit Check Required for the Greensboro Commercial Solicitor Bond?
No, a credit check is not required for the Greensboro Commercial Solicitor bond. Because the bond is considered relatively low risk, the same low rate is offered to all commercial solicitors operating in Greensboro, regardless of their credit history.
How Much Does the Greensboro Commercial Solicitor Bond Cost?
The Greensboro Commercial Solicitor bond costs just $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Greensboro requires all commercial solicitors to purchase a surety bond as a prerequisite to obtaining a business permit. To paraphrase Greensboro Municipal Code 13-202, a commercial solicitor is a person that travels from place to place attempting to sell goods or services and utilizes a location within the city for the purpose of taking orders.
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 Commercial Solicitors Apply for a Permit in Greensboro?
Commercial solicitors in Greensboro must navigate several steps to secure a permit. Below are the general guidelines, but applicants should refer to the permitting statutes for details on the process.
Permit Term – All Greensboro Business Permits expire on June 30 of each year and must be renewed before the expiration date
Step 1 – Complete the Application
Commercial Solicitors should complete their application in person by visiting the Financial and Administrative Services Department at the following address:
300 W. Washington St.
Melvin Municipal Office Building, Room 11, UG Level
Greensboro, NC 27401
Solicitors can also submit their applications online. However, the department must mail a solicitor a hard copy of the application to be signed and returned, a process that can take up to $14 days.
There is no application fee to obtain a business permit.
Step 2 – Purchase a Surety Bond
Commercial solicitors must purchase and maintain a surety bond (limits outlined above)
How do Greensboro Commercial Solicitors Renew Their Permits?
Commercial solicitors can renew their permits in person by visiting the Financial and Administrative Services Department at the following address:
300 W. Washington St.
Melvin Municipal Office Building, Room 11, UG Level
Greensboro, NC 27401
All Greensboro Business Permits expire on June 30 of each year and must be renewed before the expiration date.
What are the Insurance Requirements for Commercial Solicitors in Greensboro?
Greensboro does not require commercial solicitors to purchase and form of liability insurance as a prerequisite to obtaining a business permit. Commercial solicitors must purchase and maintain a surety bond (limits outlined above).
What are the Insurance Requirements for Itinerant Merchants in Goldsboro?
Goldsboro does not require itinerant merchants to purchase any form of liability insurance before obtaining a permit. Itinerant merchants and peddlers must purchase and maintain a surety bond with a limit of $500 or 100 times the cost of the most expensive item offered for sale, whichever is less.
How Do Greensboro Commercial Solicitors File Their Bonds?
Commercial solicitors should deliver their completed bond forms, including the power of attorney, to the following address:
300 W. Washington St.
Melvin Municipal Office Building, Room 11, UG Level
Greensboro, NC 27401
The surety bond requires signatures from both the surety company that issues the bond and from the solicitor. The surety company should include the following information on the bond form:
- Legal name and permit classification of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Entity requiring the bond
- Date the bond goes into effect
- Date the bond is signed
What Can Greensboro Commercial Solicitors do to Avoid Claims Against Their Bonds?
To avoid claims against their bonds, commercial solicitors in Greensboro ensure that they provide refunds for all goods and services that have been paid for but not received.
What Other Insurance Products Can Agents Offer Commercial Solicitors in Greensboro?
Greensboro does not require commercial solicitors to purchase any form of liability insurance as a prerequisite to obtaining a permit. However, solicitors may choose to purchase this insurance anyway. Bonds are our only business at BondExchange, so we do not issue any other types of 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 Greensboro Commercial Solicitor Customers?
Greensboro unfortunately does not provide a public database of active commercial solicitors in the city. We suggest contacting the city directly to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.