Ohio Precious Metals Dealer Bond

Ohio Precious Metals Dealer Bond

In order to buy, sell, or trade precious metals and jewels in Ohio, one must be licensed as a precious metals dealer through the Ohio Division of Financial Institutions. To obtain and maintain the license, a $10,000 surety bond must be held for the duration of the precious metals dealer’s operations. The bond shows your compliance with the Division of Financial Institutions’ regulations. 

PURCHASE BOND

By providing this bond, Jet Insurance Company guarantees recompense to anyone who has filed a claim after being financially harmed by a precious metal dealer’s violation of the Division’s regulations and the Ohio Revised Code.

What Is the Cost of the Ohio Precious Metals Dealer Bond? 

At Jet, the $10,000 Precious Metals Dealer Bond costs $100 for one year or $10 a month. This bond can be purchased in a couple of minutes online.

Bond TermCost
Monthly$10
1 Year$100
2 Years$175
3 Years$250
Precious Metals Dealer Bond Cost

Jet’s monthly subscription is exclusive to the market. Lock in a rate for the long haul and don’t worry about renewals!

Why Is the Precious Metals Dealer Bond Required by the Ohio Division of Financial Institutions?

The Ohio Division of Financial Institutions’ goal is to protect the State’s citizens from illegal or unethical actions of financial-related businesses, including precious metals dealers. The Precious Metals Dealer Bond is just one course of action for anyone who experiences financial loss due to a licensee’s violations of the Ohio Revised Code Chapter 4728. A precious metals dealer who knowingly purchases an item obtained out of theft may see a claim on the bond.

Surety companies, like Jet, are brought in as a guarantor of payment when a member of the public or the Ohio Division of Financial Institutions incurs financial damage.

The surety bond is only required of precious metal dealer licensees unable to show a net worth of $10,000 or more by submitted audited financial statements.

Chapter 4728 does not apply to those in Section 4728.11 of the Ohio Revised Code.

How to Apply for the Ohio Precious Metals Dealer Bond With Jet 

Good news—our application process can be completed from the comfort of your home in just a matter of minutes! We know your license application is lengthy enough, so we don’t want to put you through that twice. Simply answer a few questions and submit the application. 

A soft credit check is completed to get you an approved rate. Some applicants will immediately receive a quote, while other times a Jet underwriter needs to conduct a quick review of the application. 

Once a rate has been approved, you will receive an email with a link and you will be able to purchase the bond online. You will get an email from Jet after purchase that has a copy of the bond and your receipt attached.

Can Jet File the Ohio Precious Metals Dealer Bond for Me? 

Yes, but you must first grant us the authority to do so within the Nationwide Multistate Licensing System (NMLS). Even though the Division of Financial Institutions oversees licensing and regulation of precious metals dealers, most of the “paperwork” is completed electronically through the NMLS. Check out the NMLS electronic surety bond filing information and the image below to understand the bond filing process.

NMLS Bond Filing Process
Click to View Full

Can the Precious Metals Bond be Cancelled for a Refund?

One of the perks of choosing Jet as your surety company is that you can cancel the bond at any time! Jet just requires your cancellation request to be in writing, which you can email to [email protected]. Jet will then send the notice of intent to cancel the bond to the Superintendent of Financial Institutions where you and Jet’s liability under the bond is kept active for 30 days.

If you pay monthly, the bond payments will discontinue after the 30-day period. If you paid for the bond in full, Jet will calculate any unused premium and return it to you after those 30 days.

When cancelling a license bond, a new one must be filed with the Division unless you are able to prove a minimum net worth of $10,000 or are ceasing your operations. Even after termination of the license, the bond must be active for two years and you are liable for claims during that time.

How to Renew the Precious Metals Dealer Bond in Ohio

Leave renewal up to Jet! If you pay monthly there is no renewal process as long as Jet continues to receive payments from your preferred account. If you paid in full at the time of purchase, you will receive a renewal notice via mail and email with plenty of time for you to remit payment for the upcoming term.

How Does an Ohio Precious Metals Dealer Avoid Bond Claims?

Claims can be easily avoided by following Sections 4728.01 to 4728.14 of the Ohio Revised Code. In short, don’t commit fraud or negligence and you should be good as gold.

Claims come from either the public or the Ohio Division of Financial Institutions for actions such as:

The Division may conduct investigations and hold a hearing if you are found in violation of the Revised Code. At that time, the Division may give you the opportunity to address and fix the situation that landed you in court. A criminal conviction will result in the suspension or revocation of your license.

What to Do if a Claim Is Filed on the Precious Metals Dealer Bond

Unlike other surety companies, Jet provides direct claims defense. If you receive a claim on your bond, notify Jet immediately. Jet will collect all the details and conduct an investigation. 

If a claim is justified, it will be paid out by Jet to the claimant in the claim amount, not to exceed the bond limit. License bonds are essentially an extension of credit that guarantee your compliance with the regulations. When regulations are not abided by, the bond pays out and you are responsible for restoring the bond to its full amount. Not restoring the bond will jeopardize your license and the likelihood of obtaining a new bond in the future.

Ohio Precious Metals Dealer 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: