Wyoming Oil and Gas Seismic Operator's (Blanket) Bond

Download PDF Bond Form

Obligee Info:

State of Wyoming Oil and Gas Conservation Commission
PO Box 2640
Casper WY 82602

Cancellation Period:

Needs Release

Limit:

$0 - $999,999

Credit Check Required?

Yes

Businesses are required to file a 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.

Is a Credit Check Required for Wyoming Oil and Gas Seismic Operator's (Blanket) Bonds?

Credit checks are required for the Wyoming Oil and Gas Seismic Operator's (Blanket) Bond.

Why is the Wyoming Oil and Gas Seismic Operator's (Blanket) 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 Wyoming Oil and Gas Seismic Operator's (Blanket) bond work?

Wyoming Oil and Gas Seismic Operator's (Blanket) bonds must be issued by an insurance carrier admitted by the Wyoming Department of Insurance. The insurance company issuing any surety bond, such as the Oil and Gas Seismic Operator's (Blanket) 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.