What is a surety bond, and why do I need one for my Private Investigation Agency License?
A surety bond is a three-way agreement between a Principal (the person applying for a Private Investigator License), an Obligee (Arizona Department of Public Safety), and a surety company (the company financially backing the bond). A surety bond is NOT an insurance policy for the Principal; instead, a surety bond guarantees that the Obligee is free from any financial damages caused by misconduct or negligence resulting from the Principal violating the terms of their bonded licensure. In the event that such damages to occur, the Obligee and the general public are not responsible for any payments. In the case of this Private Investigator Bond, this could include (but is not limited to) fraud, misrepresentation, or impersonating a law enforcement officer.
The bond amount and terms are $2,500 for 2 years, and the Principal pays a premium of $131.25 for the two-year term. There is no underwriting, and therefore no credit check, required for this bond.
In the event that there is a claim filed against your bond, the surety company will make the initial payments, at which point you are legally obligated to fully repay the surety, including any fees or penalties that may arise. In addition to repayment, your surety may revoke your bond, at which point your Private Investigation Agency License will be invalid until you file a new bond. It is important for your licensure and bond that you fully understand your legal obligations to avoid any issues in your operation.
Think of a claim against your bond like a mark against your “credit” in the bond market – a history of claims will complicate any future applications, and may disqualify you from future bonds. Be sure that you, your employees, and/or agents fully understand and agree to comply with all laws, rules, and regulations of your industry to avoid any of these issues.
To apply for your Arizona Private Investigator Bond, complete and submit the application below. You may also download a .pdf application, and email it to email@example.com, or fax it to (949)361-9926. If you choose to email or fax your application, please download and complete a payment form and attach it to your documents.
Your bond will be issued within 1-3 days after you submit a completed application and payment.
IMPORTANT NOTES ABOUT YOUR APPLICATION:
- Your license will run concurrently with the issuance dates of your 2-year bond. Please include your license documentation to ensure your dates are filed correctly.
- Be sure to complete your application using the EXACT name that is to appear on your license.