All About Alabama Warehouseman Bond
The Alabama Warehouseman bond is required of owners of public warehouses by the Commissioner of Agriculture and Industries for the State of Alabama. The principle here is the warehouse owner and the obligee is the State of Alabama Department of Agriculture and Industries, Gin and Warehouses Section.
Who needs the bond?
It is typically required of anyone who applies for the Alabama Public Warehouseman’s Permit. This includes those applying for public warehouses, cotton merchants, cotton gins, grain dealers, as well as inspectors of gins and auditors of public warehouses, including a Federal Warehouseman.
Why do you need an Alabama Warehouseman bond?
The bond is meant to ensure that warehouse owners conduct their businesses in an honest and fair manner. The bond requires the warehouse owners to conduct their business as per the rules and regulations set by the state. The bond is meant to protect the property of the depositor. Since most public warehouses are used for agricultural purposes, it falls under the purview of the agricultural department.
How to buy an Alabama Warehouseman bond?
To buy an Alabama Warehouseman bond, you have to first find a surety company. Conduct a simple web search and make sure that it is a reputable, established company. Fill out the online form on the surety’s website and apply for the bond. You will be asked for certain documents after which an underwriter will evaluate your business and the value of your bond. Pay the bond money to buy the bond.
What you will need?
For an Alabama Warehouseman bond, you will have to apply for the public warehouse permit and get a certificate of insurance. You will have to specify the products to be stored and their highest estimated value. All signatures must be notarized. Keep in mind that the bond must be renewed every year by July end.