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Broker Bond Information
A broker bond can cover a wide variety of occupations including real estate sales, mortgage providers and freight brokers. The bond is required in most areas of the United States by law as a way to assist in ensuring that all local, state and federal laws are followed during all transactions between businesses and clients.
The broker bond is normally required before you apply for a license to set up a brokerage company of any type. State laws and local ordinances are in play for each different bond policy that is applied for meaning that you may pay more or less for your bond dependant on the state you reside in.
The Broker bond is a legal guarantee that the consumer is protected should the business that owns the policy fail to live up to laws and standards imposed upon them by the industry. Should your business be found to be negligent in any way, or to have purposefully committed acts of fraud, your bond is in place to be able to reimburse those that may have been financially affected by your decisions. The bond will also cover any unlawful acts committed by your employees.
After all is said and done, the bond is just a temporary means to an end. Your business committed the act and so should be liable. The bond only covers you for immediate payments; your business must return any money that your bond policy has paid for you as well as any legal costs incurred.