What is a fishing bond?
Hunting and fishing license bonds, also known as fishing bonds, are legally binding agreements between three parties: individuals who sell hunting or fishing licenses (or serve as tour guides), the local government agency responsible for regulating the sale of hunting or fishing licenses, and a surety company.
The government agency is the Obligee and establishes the obligations that the seller (the Principal) must follow. The surety (also called bonding company) issues the bond guaranteeing the performance of the seller.
Why do you need a fishing bond?
Fishing bonds are required in some states before being eligible to obtain a license to take people on hunting or fishing trips or sell hunting or fishing licenses. Some states that require a surety bond include California, Florida, New Jersey, and New York.
When the surety company issues the bond, they provide the government agency a guarantee that the customers of a hunting or fishing license seller will receive payment for financial losses resulting from a violation of the statutes and regulations set forth by the government agency.
If the seller fails to meet the obligations set out by the government agency, the surety will pay out any damages up to the bond amount. The seller is ultimately liable for the losses and is legally required to reimburse the surety company for any damages paid under the bond.
How much does a fishing bond cost?
Hunting and fishing surety bond costs vary depending on the total bond amount and the premium rate. The government agency sets the required bond amount and the surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium.
Premium rates for hunting and fishing bonds typically cost between 1% and 5% of the total bond amount. During the application process, the surety company may evaluate your credit score, financial strength, and industry experience. For bonds requiring credit checks, applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a hunting or fishing bond. EZ Surety still offers competitive rates to individuals with low credit scores or other financial issues.
Below are the lowest premiums EZ Surety has issued for hunting and fishing surety bonds in popular states.
- EZ Surety has issued hunting and fishing bonds in the State of New Jersey for premiums as low as $230.