In Illinois it says you simply must fill out an applicaiton, file a $10 fee and then post a $5,000 surity bond?
What is this? It says it must be from a certified IL insurance agency?
What is this?
In Illinois it says you simply must fill out an applicaiton, file a $10 fee and then post a $5,000 surity bond?
What is this? It says it must be from a certified IL insurance agency?
What is this?
A surety bond is a certificate from the insurance company promising to pay a certain amount in liability if you screw up or commit an illegal act. the insurance company usually wants something from you in collateral. Cash or the deed to property does nicely. You should check to see if they’ll accept a simple business insurance policy.
I received a certificate saying that I was a notary public. Being the curious type, I called up and asked for an explanation of exactly what is a notary public. I was told that it is someone who notarizes things.
I received a certificate saying that I was a commissioner for taking oaths. Being the curious type, I called up and asked for an explanation of exactly what is a commissioner for taking oaths. I was told that it is someone who commissions things.
I guess you can see where I’m going with this: just what is the difference between a notary public and a commissioner? Does anyone really know, or does it come down to notarize this and commission that because that seems to be what everyone else is doing?
BTW, Mark, a surity bond requirement is simply to help ensure that you don’t do something bad with your certification. If you do something heinous, then you will lose the 5K. Since many people don’t have that sort of coin laying about, a certified insurance agency is permitted to say that they will spot you if things go down the tube. They do this by issuing a surity bond. Of course you have to pay them a small amount for them to do this, and if they ever do have to fork over the cash, then you will have to reimburse them.