Passenger Carrier/Broker Bonding Requirements in Virginia
The state of Virginia requires passenger carriers and brokers to obtain a surety bond to operate legally. This bond ensures that the carrier or broker will comply with all applicable laws and regulations governing their business activities.
The required bond amount is set by the Virginia Department of Motor Vehicles and may vary depending on the specific type of operation. Obtaining this bond is a critical step for any Virginia-based passenger carrier or broker.
Securing the VA Passenger Carrier/Broker Bond
To secure the required surety bond, carriers and brokers must work with a licensed surety provider. The surety company will assess the applicant's creditworthiness and financial stability to determine the bond premium.
Once the bond is in place, it must be maintained for the duration of the carrier or broker's operations in Virginia. Failure to renew the bond can result in penalties or the suspension of the business license.
