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Alaska bonds

Alaska — Motor Vehicle Dealer Bond

Alaska motor vehicle dealers and buyer's agents use a $100,000 bond protecting people harmed by fraud or covered legal violations. Start with your business class and DMV request, then apply through Propeller.

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Recorded state
Alaska
Category
Vehicles, titles & transportation

What this bond does

Provides a right of action for persons suffering loss due to fraud, fraudulent representations, or violations of state or federal laws by the principal.

Who needs it
Alaska Motor Vehicle Dealer or Buyer's Agent
Who it protects
The bond protects any person who suffers loss or damage due to the principal's fraud, misrepresentation, or legal violations.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Standard Bond Amount

The general bond amount for Alaska motor vehicle dealers or buyer's agents is $100,000.

Motorcycle Dealer Bond

Dealers who sell only motorcycles are required to file a $25,000 bond.

Claim Limitation Period

Claims for liability incurred during the bond's effective period may be filed within three years of the bond's cancellation.

Sources

Have these ready

  1. Have the dealer or buyer's-agent name, business details and Alaska DMV bond request ready.
  2. Confirm the applicable class and amount; the form has a separate $25,000 provision for motorcycle-only dealers.
  3. After issuance, arrange the principal and surety signatures and attached power of attorney required by the form before filing.

Questions about this bond

How do I notify the Commissioner of bond cancellation?

Notice must be sent in writing via U.S. First Class Mail, Certified, Return Receipt Requested, to the Division of Motor Vehicles.

Is the bond valid immediately upon drafting?

No, the bond is not valid until signed by both the principal and the surety, with the power of attorney attached.

Can attached documents override the bond conditions?

No, no attached documents shall modify the provisions of the bond or the rights of action arising under AS 08.66.

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