The Alaska Primary Fish Buyers and Fish Processors Surety Bond is required by the Alaska Department of Revenue. The bond is in place to help ensure help ensure that buyers and processors pay wages and fees owing for the service of transportation of raw fish and unemployment insurance contributions. The amount of the surety bond is set at $10,000 if no claims have been made on a previous bond. If claims were made, the bond amount increases, depending on the amount of the previous claim.
Alaska Statutes Title 44 Chapter 25 Section 48 defines primary fish buyer as a person other than a cooperative corporation engaging of attempting to engage in the business of originally purchasing or buying fishery resource in intrastate, interstate or foreign commerce. The Department of Revenue states that no one can engage as a primary fish buyer without first having a license.
Aside from the license, you must also present a surety bond to the state. The applicant will be the principal, the state will be the obligee, and you will need to get the bond from a surety company who is licensed to do business in the state. This bond is needed so that the state is assured that you will conduct your business following the rules and regulations set, including paying all the wages you owe to your employees, independent commercial fishermen you purchased raw fishery from, and fees owed during the transportation of the raw fish.
This bond is fairly easy to obtain, all we need is a completed application and we can get you a free quote right away. Simply complete our easy to navigate, online application and within 1 business day, one of our experts will contact you with a firm quote. If you had a previous bond claim, you must prove that the surety did not suffer a loss on that bond.
Our company, Surety Solutions Insurance Services, Inc (Surety1) has been in the business since 2003, and we are licensed in all 50 states. We have also been rated A+ by the Better Business Bureau so you can be assured that we can provide quality service for any of your surety bond needs.