Use the current adjustment, not an older amount

Section 40-39-50 still prints a $15,000 base figure, but §40-39-55 provides periodic adjustments. The Department’s current notice sets the bond at $17,900 from July 1, 2026 through June 30, 2031; $16,275 belonged to the preceding adjustment period.

That five-year publication window is not a five-year purchase term. The current form has separate beginning/ending dates and permits renewal by continuation certificate. The RLI choice here has no amount or duration label; check the intended instrument against the current State file.

Allow for the form’s witness and surety paperwork

Prepare the legal principal, business name/DBA, bond number, and actual coverage dates. The May 2026 State form has two witnesses for the principal and two for the surety, plus notarized witness statements for each side.

A person executing for the surety who is not a corporate officer must attach a power of attorney. The form also requests surety contacts for document questions and claims. Have the complete execution package ready rather than relying only on an unsigned bond page.

Keep the State filing and goods insurance separate

Purchase Now opens RLI in a new tab. Match the application with the $17,900 current State requirement, principal/business/DBA, State beneficiaries, form conditions, and actual beginning/ending dates before completing it.

The Department offers initial and renewal filings through its online licensing system. Buying a bond is not the Certificate of Authority application or its approval. Section 40-39-50 also calls for separate adequate insurance for pledged goods against loss or liability to the pledgor; the bond does not replace that evidence.

The form permits future liability to end after forty-five days’ written notice from the surety to the Administrator, or by the Administrator’s written authorization to the surety. Its notice provision preserves already-accrued liability and liability accruing during that forty-five-day period.