Other Types of Surety Bonds
Sometimes you need additional bonds for your business, based on regulations in the state(s) where you operate. VGM Insurance has a wide variety of bonds products available and can walk you through the application process to help you stay compliant. If you’d like to know more, contact us to speak with our expert team and get the answers you need.
Other Bonds We Offer
| Bond Type | Amount of Bond | Why Bond is Needed |
|---|---|---|
| DMEPOS Surety Bond - Maine Department of Health and Human Services | $50K | Under new screening criteria, all enrolled DME and HHA providers, regardless of provider type, must revalidate enrollment information and purchase a surety bond at least every five years - three years for durable medical equipment/home medical equipment providers - or upon MaineCare Services’ request. |
| DMEPOS Surety Bond - Minnesota Health Care Programs | $50K, $100K based on Medicaid receipts | At the time of initial enrollment or reenrollment, durable medical equipment/home medical equipment providers and suppliers must purchase a surety bond to allow for recovery of costs and fees in pursuing a claim on the bond. |
| License and Permit Bond | As needed | A contractor seeking to do work or doing work in a county or municipality may obtain a unified license and permit bond. This bond may be used by the contractor, at the contractor's discretion, instead of any other license and/or permit bond, required of a contractor by the county or municipality. |
| Wholesale Drug Distributor Surety Bond - Florida Department of Business and Professional Regulation | $25K, $100K | This bond is required by the Florida Department of Business and Professional Regulation, and guarantees that the wholesale drug distributor will pay all fees, taxes, etc. to the jurisdiction requiring the license and follow all the guidelines for that license. |
| Wholesaler or Nonresident Wholesaler Surety Bond - California | $100K | Any applicant for initial licensure or license renewal as a wholesaler or nonresident wholesaler (any business that distributes, brokers or transacts the sale or return of dangerous drugs or dangerous devices into or within California to other wholesalers, Practitioners or pharmacies), must submit a surety bond of $100,000 made payable to the Pharmacy Board Contingency Fund. |
| Wholesale Drug Distributor Surety Bond - Maryland Board of Pharmacy | $50K | This bond is required by the Maryland Board of Pharmacy, and guarantees that the wholesale drug distributor will pay all fees, taxes, etc. to the jurisdiction requiring the license and follow all the guidelines for that license. |
| License and Permit Bond - Wyoming State Board of Pharmacy | $100K | This bond is required by the Wyoming State Board of Pharmacy, and guarantees that the wholesale drug distributor will pay all fees, taxes, etc. to the jurisdiction requiring the license and follow all the guidelines for that license. |
| Surplus Lines Broker License Surety Bond - State of California | $50K | A Surplus Lines Broker License surety bond, or Surplus Lines Agent License surety bond, is a license and permit surety bond required by government entities to receive a license within that jurisdiction to sell surplus lines insurance related products. This bond helps ensure the surplus lines agent operates according to applicable laws and properly accounts for premiums, taxes and fees collected on behalf of the surety companies they represent. |
| Representative Payee Surety Bond - Social Security Administration | $100K | A Representative Payee Surety Bond is a license and permit surety bond required by the Social Security Administration of the Federal Government. It is required of those who collect Social Security or Supplemental Security Income benefits on behalf of the actual beneficiary who is incapable of managing money or who has requested a payee. |
| Out-of-State Contractor Bond - Iowa Division of Labor | $25K | Each contractor with a principal place of business outside of Iowa must file a bond in order to register in the state. Having a branch office in Iowa does not exempt a contractor from the bonding requirement. The bond guarantees the contractor will pay all taxes, penalties and other monies due to the State of Iowa as a result of the work performed in Iowa. |
| Appeal Bond | Based on Financial Demand | An appeal bond, sometimes called a supersedes bond, is required when a defendant wants to appeal an adverse judgment or order. The bond guarantees that if the defendant loses the appeal, the amount of the judgment and, in some cases, accrued interest, expenses and legal fees, will be paid. |
Other Bond FAQs
What types of surety bonds does VGM Insurance offer?
VGM Insurance provides a variety of surety bonds for healthcare providers, contractors, wholesale drug distributors, pharmacies, insurance professionals, and other regulated businesses. Available bond types include DMEPOS surety bonds, license and permit bonds, wholesale drug distributor bonds, representative payee bonds, contractor bonds, appeal bonds, and surplus lines broker bonds.
How do I know which surety bond my business needs?
The surety bond your business needs depends on your industry, licensing requirements, and the states where you operate. Many healthcare, pharmacy, insurance, and construction-related businesses are required to obtain specific bonds to comply with state or federal regulations. Understanding your licensing and compliance obligations is often the first step in determining the appropriate bond.
Are surety bond requirements different from state to state?
Yes. Surety bond requirements vary by state and regulatory agency. For example, DMEPOS providers may be subject to specific bonding requirements in states such as Maine or Minnesota, while wholesale drug distributors may need state-required bonds in California, Florida, Maryland, Wyoming, or other jurisdictions. Bond amounts and filing requirements can differ significantly based on where your business operates.
What is a DMEPOS surety bond?
A DMEPOS surety bond is a bond required for certain durable medical equipment, prosthetics, orthotics, and supplies providers. These bonds help protect government healthcare programs by ensuring providers meet enrollment, revalidation, and compliance requirements and can help recover funds in cases involving overpayments or regulatory violations.
What is a license and permit bond?
A license and permit bond is a type of surety bond required by a state, county, or local government agency before a business can obtain or renew certain licenses or permits. The bond serves as a financial guarantee that the business will comply with applicable laws, regulations, and licensing requirements.
What is a wholesale drug distributor surety bond?
A wholesale drug distributor surety bond is commonly required by state pharmacy boards and regulatory agencies. These bonds help ensure distributors comply with licensing requirements and fulfill financial obligations such as fees, taxes, and other responsibilities established by applicable laws and regulations.
What is an appeal bond?
An appeal bond, sometimes referred to as a supersedeas bond, may be required when a party appeals a court judgment. The bond provides a financial guarantee that if the appeal is unsuccessful, the judgment amount, along with any applicable interest, fees, or costs, will be paid according to the court's ruling.
How do I apply for a surety bond through VGM Insurance?
VGM Insurance helps businesses identify the appropriate bond, navigate the application process, and meet applicable regulatory requirements. Our team can guide you through bonding obligations, answer questions about compliance, and help secure the bond needed for your industry and state.