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Nevada Pharmaceutical Wholesaler Bond
Pharmaceutical wholesalers must file a surety bond with the Nevada State Board of Pharmacy as part of their licensing requirements. The Pharmaceutical Wholesaler Bond is used as a financial guarantee that should a wholesaler withhold administrative fees and penalties or fines as a result of disciplinary action, there is a way to complete such payments.
Not only is Jet Insurance Company a direct carrier (a rare thing in the surety industry), but we offer an exclusive monthly payment plan that makes it easy to purchase your bond, get it on file with the Board, and keep it active until cancellation is requested.
Bond Limits and Cost of the Nevada Pharmaceutical Wholesaler Bond
Typically, the Pharmaceutical Wholesaler Bond has a limit of $25,000, unless special circumstances allow for differentiation. A wholesaler who has a net worth of $25,000,000 and owns multiple locations can hold a bond with a $100,000 limit to cover all locations. Evidence of net worth must be submitted to the Board.
With Jet, your Pharmaceutical Wholesaler Bond can be purchased for as little as $25 a month. Annual payments start at $250. Rates are subject to underwriting, which evaluates the bond limit required and the applicant’s credit score. Personal and business financial statements may also be required for the $100,000 bond limit. See the chart below for approved rates for a preferred credit applicant.
| Bond Limit | Monthly | Annual |
|---|---|---|
| $25,000 | $25 | $250 |
| $100,000 | $100 | $1,000 |
Wholesalers who have been licensed for five years or more can have their bond limit reduced to $5,000. If you are such a wholesaler, your application process will be similar to the $25,000 bond limit: simply fill out the required information and you will receive a rate that is immediately available for purchase.
Why Is the Pharmaceutical Wholesaler Bond Required by the Nevada State Board of Pharmacy?
The State Board of Pharmacy is responsible for enforcing Nevada laws that pertain to pharmaceuticals and drugs to protect the public’s safety, health, and general welfare. The Board requires the Pharmaceutical Wholesaler Bond to guarantee that they will receive funding that is owed (through licensing fees or disciplinary penalties) to continue protecting the citizens of Nevada.
How to Apply for the Pharmaceutical Wholesaler Bond With Jet
To begin your application for the Pharmaceutical Wholesaler Bond, click the button above. We only ask for the information that is needed, including your social security number to do a soft credit check (don’t worry, this isn’t a hard inquiry that would lower your score).
If applying for the $25,000 bond, you will find an approved rate as soon as you finish your application. You can purchase the license bond and Jet will email you a digital copy of your bond and a receipt.
If applying for the $100,000 bond, your application will be submitted for review by a Jet underwriter. If additional information is needed, such as financial statements, our team will contact you. Once the review is complete, your quote will be emailed to you, ready for purchase. After payment, you will receive an emailed receipt and copy of your bond.
Can Jet File the Nevada Pharmaceutical Wholesaler Bond to the Board of Pharmacy for Me?
Yes! Jet can submit your license bond to the Nevada Board of Pharmacy once payment is complete. You can choose to file the bond yourself when providing payment if you prefer to do it that way. Once the bond is completed, it must be sent to:
Nevada Board of Pharmacy
985 Damonte Ranch Parkway, Ste 206
Reno, NV 89521
Can I Cancel My Pharmaceutical Wholesaler Bond and Get a Refund?
Yes, if you need to cancel your Pharmaceutical Wholesaler Bond with Jet, send a written request to our email: [email protected]. We will notify the Board of the cancellation and they will begin the 30-day cancellation period (the bond is active during this time).
Following these 30 days, Jet will calculate the time remaining on the surety bond into a refund. Monthly payments are not eligible for a refund, but payments will cease once the cancellation is final.
How to Renew the Nevada Pharmaceutical Wholesaler Bond
If you are paying monthly, you have no need to renew your bond — each payment received keeps your bond active!
For annual payments, Jet will send you an emailed and mailed notice near the end of your term. If any additional information is needed, we will reach out to you. Otherwise, just fill out the form and provide payment and we will complete the rest.
How to Avoid Pharmaceutical Wholesaler Bond Claims in Nevada
The best way to avoid claims activity on your Pharmaceutical Wholesaler Bond is to follow all the regulations for Nevada pharmaceutical wholesalers found in Chapter 639 of the Nevada Revised Statutes. If you follow the statutes, you would be paying all administrative and licensing costs required of you and you would prevent violations that lead to fines and penalties (as much as $10,000 for each violation). Additionally, this would avoid investigative and attorney’s fees following an investigation or disciplinary proceeding, which the Board would hold you liable for.
You are responsible for completing payments within 30 days of the due date; if payment is not completed within that time, the Board has up to one year of the license being inactive or 60 days following an administrative hearing to file a claim on the license bond.
What Happens if I Get a Pharmaceutical Wholesaler Bond Claim?
If you have a claim filed against your Pharmaceutical Wholesaler Bond, notify Jet as soon as possible. We will review the evidence to defend you against false allegations. However, if the claim is found to be true, we are obligated to pay out the claim. Since it was your actions that brought on the claim, you are held accountable and will be required to pay Jet back.
