City of Layton House Mover Bond

Businesses are required to file a bond with the City of Layton (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.

House Mover Bond

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How much does the City of Layton House Mover bond cost?

City of Layton House Mover bonds cost 0.5% of the bond amount.

Is a Credit Check Required for City of Layton House Mover Bonds?

Credit checks are not required for the City of Layton House Mover bond.

Why is the City of Layton House Mover bond required?

Businesses are required to purchase and file a bond with the City of Layton 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 City of Layton House Mover bond work?

City of Layton House Mover bonds must be issued by an insurance carrier admitted by the UT Department of Insurance. The insurance company issuing any surety bond, such as the City of Layton House Mover 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 City of Layton 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.