Ohio Auctioneer Bond

Ohio Auctioneer Bond

Auctioneers and auction firms must file a $25,000 Auctioneer Bond or $50,000 Auction Firm Bond with the Ohio Department of Agriculture before they can receive a license to conduct their sale. The Auction Bond is used to reimburse injured parties when an auctioneer or auction firm causes financial damage because of their actions.

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Jet Insurance Company provides this bond as a way to assure the State of Ohio that its citizens will not be harmed financially based on the actions of the auction firm or auctioneer.

What Is the Price for Auction Bonds in Ohio?

The cost of the bond depends on the applicant’s credit check and which of the following bonds is needed: the $25,000 Auctioneer Bond, the $50,000 One-Time Auctioneer Bond, or the $50,000 Auction Firm Bond. The chart below provides an example of rates available at a preferred credit rating.

Bond TypeBond LimitAnnual
Auctioneer$25,000$188
Auction Firm$50,000$250
One-Time Auctioneer$50,000$250
Ohio Auction Bond Cost

Buying your bond with Jet means buying directly from the insurance company, avoiding pesky middlemen that slow down the process and add in extra fees for themselves.

The Auction Firm or Auctioneer Bond Process With Jet

It’s easy to get your Auction Bond with Jet: all you need to do is take a few minutes to complete our online application. Only basic business information is needed, such as a business name, which license you need the bond for, and a social security number (used for a soft credit check). Once that is done, you will receive a rate that is available for purchase right away. You will receive an emailed copy of your bond and receipt after the payment has been received. 

After purchase, Jet will prepare the bond form and mail it to you. Once you have signed the bond, you must submit it along with your application at the following address: 

State of Ohio Department of Agriculture
Auctioneer Program
8995 E Main St
Reynoldsburg, OH 43068

Jet will send out renewal notices by mail or email for bonds that were paid in full nearing the June 30th expiration date. To renew your bond, simply fill out the notice and pay the renewal premium. If you are no longer required to have a bond, you don’t need to worry about renewal; failing to submit renewal paperwork will end with the bond expiring on the 30th of June. 

If you no longer need the bond, notify Jet at [email protected] to end your bond obligation. The Department may hold the bond for an additional 30 days before the bond is released.

Preventing Bond Claims on Ohio Auction Bonds

The Department of Agriculture enforces the surety bond requirement to make sure that the actions of an auctioneer or auction firm do not bring financial damage to the people of Ohio. The auctioneer is obligated to follow the standards written in the Ohio Revised Code, Chapter 4707. In particular, the auctioneer is to avoid the fraudulent actions listed in Section 4707.15. These actions include intermingling the funds of the auction with their personal funds, false advertising, or failing to remit payment within an appropriate time frame. 

Failure to uphold the code and act dishonestly will not only lead to disciplinary action, but could cause direct financial damage and result in a lawsuit and ultimately a claim upon the license. 

If a claim is filed against your Auction Bond, contact Jet as soon as possible. We will defend you against any false claims, but we are obligated to open an investigation into the claim. During this time, you should be open and honest in your communication. Within 90 days, the claim will be rejected if it is not valid, or if it is valid, a payout is in order. Jet will pay the claimant up to the full amount of the bond; if that is not enough to cover the damage, the auction recovery fund may be utilized.

Jet’s role as surety is to provide prompt reimbursement to the person who was injured. But, the bond is not like insurance that will cover for your actions. You are ultimately responsible for the damages and will be required to pay Jet back in the amount of the claim.

Ohio Auctioneer Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: