The Washington Private Investigator Bond consists of three parties: the state, the private investigator, and the surety company. The Washington Department of Licensing’s Public Protection Unit requires a bond from all licensed private investigators. If the private investigator acts against the provisions of the bond and injures a person or group as a result, the harmed party may file a claim against the bond. If the state approves the claim, the surety company will pay it. The private investigator then repays the surety company for the paid claim.
What does the Washington Private Investigator Bond do?
The Washington Private Investigator Bond guarantees that the principal performs all investigative work in compliance with Washington state laws and regulations, especially Title 18 RCW, Laws of 1991 of the State of Washington. The bond also ensures the protection of the public and the government from any harm caused by the principal in case of noncompliance.
Bond Amount, Cost, and Validity
The Washington Department of Licensing’s Public Protection Unit has set the required bond amount at $10,000. The bond amount is equivalent to the maximum amount of coverage that may be paid out to a claimant.
The bond premium, or cost, generally runs 1-3% bond amount. The premium covers the cost of issuing the bond itself and keeping the bond active. The state may issue additional costs to file the bond.
If paid annually, the bond remains in force until cancelled. If the principle cancels the bond, they must notify the state 10 days before the cancellation date.