A Guide to Appraisal Management Company Bonding
We are legally licensed to issue AMC bonds nationwide. Whether you work in Arizona, Illinois, North Carolina or Georgia, we can help you get the bond you need.
In many states, the appraisal management company (AMC) licensing process requires that AMCs obtain a surety bond guaranteeing that they will operate in accordance with all federal and state laws relating to the appraisal industry. Should the need arise, these bonds can be used to reimburse those who suffer loss or damage as a result of actions by companies that fail to abide by the terms of the bond. If loss or damage does occur, consumers may file a claim against the bond, at which point the surety backing the bond will pay up to the full amount of the bond. The person for whom the bond was written—the principal— must then reimburse the surety company for all money paid to resolve the claim.
State Specific Costs
Appraisal management company bond requirements, including amounts, are specific to each state and, therefore, the amounts may vary depending on the state in which you are looking to become licensed. Select your state below for more information about AMC Bonds in your area.
- New Mexico
- North Carolina
- West Virginia
Pay a Low Rate for Your Appraisal Management Bond
Our surety specialists will shop your application around with the country’s top underwriters to ensure you are receiving your best available rate. Your exact premium will be based on the amount of coverage required, which will depend on your state’s requirements. Several other factors, such as the number of business locations are also determining factors. Premiums for appraisal management company bonds are calculated similarly to those for other license and permit bonds. Applicants with strong financial credentials will pay a smaller premium – typically 1-5% of the bond amount – which means you could get $20,000 of coverage for just $200.
Get an AMC Bond With Bad Credit
Our exclusive Bad Credit Bonding Program, allows to get an approval rate of 99% for applicants, regardless of credit history. Our surety specialists work closely with insurance underwriters who specialize in writing bonds for principals lacking exemplary credit. We also offer a special premium financing option for applicants who qualify, allowing them to break down their premiums into smaller, more manageable payments. Don’t let less than stellar credit keep you from getting the surety bond you need.
Appraisal Management Company Surety Bond
Appraisal management company bonds are required by individual states as part of the licensing process, and failure to do so may result in the denial of a new license or the revocation of an existing license. Therefore, if the bond is canceled, expires or otherwise becomes ineffective at any point during the license period, it is the responsibility of the appraisal management company to immediately inform the state office in charge of licensing in order to find out the best course of action to ensure they are not at risk of being penalized.
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