New Jersey Elevator, Escalator, and Moving Walkway Mechanics License Bond
Obligee Info:
State of New Jersey Elevator, Escalator, and Moving Walkway Mechanics Licensing BoardPO Box 45054
Newark NJ 07101
Cancellation Period:
30 days
Limit:
$10,000
Credit Check Required?
No
Businesses are required to file a $10,000 bond with the (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.
How much does the New Jersey Elevator, Escalator, and Moving Walkway Mechanics License bond cost?
New Jersey Elevator, Escalator, and Moving Walkway Mechanics License bonds typically cost between $50 - $50.
Is a Credit Check Required for New Jersey Elevator, Escalator, and Moving Walkway Mechanics License Bonds?
Credit checks are not required for the New Jersey Elevator, Escalator, and Moving Walkway Mechanics License Bond.
Why is the New Jersey Elevator, Escalator, and Moving Walkway Mechanics License bond required?
Businesses are required to purchase and file a bond with the 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 Jersey Elevator, Escalator, and Moving Walkway Mechanics License bond work?
New Jersey Elevator, Escalator, and Moving Walkway Mechanics License bonds must be issued by an insurance carrier admitted by the New Jersey Department of Insurance. The insurance company issuing any surety bond, such as the Elevator, Escalator, and Moving Walkway Mechanics License 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 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.