$10,000 New Mexico Private Investigator Bond

Businesses are required to file a $10,000.00 bond with the State of New Mexico Regulation and Licensing Department Private Investigators Advisory Board (the "Obligee") to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from a licensed business breaking licensing laws.

Private Investigator Bond

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How much does the New Mexico Private Investigator bond cost?

New Mexico Private Investigator bonds typically cost $100.

Is a Credit Check Required for New Mexico Private Investigator Bonds?

Credit checks are not required for the New Mexico Private Investigator Bond.

Why is the New Mexico Private Investigator bond required?

Businesses are required to purchase and file a $10,000 bond with the State of New Mexico Regulation and Licensing Department Private Investigators Advisory Board to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from the failure of a licensed business complying with the provisions of licensing laws.

How does the New Mexico Private Investigator bond work?

New Mexico Private Investigator bonds must be issued by an insurance carrier admitted by the New Mexico Department of Insurance. The insurance company issuing any surety bond, such as the New Mexico Private Investigator bond, will also be referred to as the "surety company" or the "bond company". The business is referred to as the Principal, the surety bond company as the Obligor and the State of New Mexico Regulation and Licensing Department Private Investigators Advisory Board as the Obligee.

The surety company provides the Obligee a guarantee (the surety bond) that the customers, vendors and employees of a licensed business will receive payment for financial damages due to a violation of licensing law up the bond amount stated on the bond form ("penal sum"). The bond company also directly receives claims from the public and determines the validity of claims. Ultimately, the licensed business owners are responsible for their actions and required by law to reimburse the surety company for any payments made under the bond or face indefinite license suspension.