Arkansas Hazardous or Medical Waste Bonds

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The Department of Health only requires a surety bond if your company is found in violation of permit rules and regulations, mainly in regards to clean up.

This typically includes activities such as:

• Accumulation of medical waste
• The separation of different types of waste
• Storage parameters
• Safe transportation
• Appropriate and legal disposal of waste products

The Department can make independent assessments for other reasons and require a surety bond along with fines, or even the suspension of the permit.

 

Why is an Arkansas Hazardous / Medical Waste Bond Required?

The Department of Health is responsible for informing a company that a surety bond is required for a permit violation.

And again, a surety bond is legal contract and financially backed guarantee that you will fix any:

• Waste disposal issues
• Transportation violations
• Storage violations or issues

Whatever your specific reason or permit violation, the Department wants to ensure you pay for whatever the violation entails.

If a company breaks a permit rule and abandons their responsibilities to fix all violation, the Department can make a claim against the surety bond to obtain the funds to remedy the violation.

This can include clean up and proper transportation of the medical waste involved in the specific situation.

 

How Much Does An Arkansas Medical Waste Surety Bond Cost?

In Arkansas when a bond is required, it must have an amount of $100,000.

This bond amount is the maximum amount of money available if a valid claim is made against the surety bond.

To purchase a $100,000 bond, you will pay a small fraction of this amount, similar to a traditional insurance policy.

 

How Is The Surety Bond Price Determined?

The primary factor for this particular bond will be the personal credit of the companies owner or owners.

A surety, a special insurance company that underwrites medical waste surety bonds, uses the personal credit to determine if the company will pay back any successful claims. It's the only measure of trustworthiness the surety has.

If your company has been in business for a longer period of time, this can play a role in determining the rate as well.

Based on the sureties assessment, they will quote a rate.

The rate quoted multiplied by the $100,000 bond amount is the price you pay.

It's a simple process, but every surety assesses risk differently.

We've seen different sureties quote rates that are two to three percentage points different for the same applicant.

And this is why using a surety agency can end up saving you hundreds, even thousands of dollars when you purchase your bond.

 

How to Easily Save Hundreds of Dollars When Purchasing Your Bond

At Surety Bonds Direct, we are a surety agency. We work with the highest A-rated sureties that specialize in medical waste surety bonds.

• We will price shop for you when you request a price quote
• And deliver to you the lowest possible rate and price

It's our job to make purchasing your surety bond easy.

 

Arkansas Medical Waste Bond Pricing Example

Here's some example pricing based on the $100,000 bond amount. The rates in the table are from really good to about average.

Pay attention to how significant the prices change based on the rate. Imagine getting a 1% rate compared to a 3% rate.

The money you save can be used to fix the violations you're guilty of and paying any fines as well.

Getting your exact pricing within 24 hours costs you nothing. Plus you're under no obligation to purchase the bond.

Click here and complete our quote form. It's fast to fill out and if you prefer to speak with a person, call a bond specialist at 1-800-608-9950.

 

What Happens After You Purchase Your Bond?

Once you receive pricing and you're ready to purchase, all you have to do is complete an online order form.

After your payment is processed our bond issuance team will prepare your bond with the:

• Correct bond form
• Required signatures and seals
• Power of attorney

Once your bond is complete you will receive an email with your bond attached.

All you have to do is submit it with your application.

If you need a physical copy, let us know and we can mail the original bond to you. However, the Department should accept email proof of your active bond.

 

How Long Does An Arkansas Medical Waste Surety Bond Last

During the purchase process, you will choose an activation date. This is also called an effective date.

The medical waste surety bond will remain active for 12 months from this date.

It's unlikely you will need your bond to be active beyond the 12 month period. However, it's up to the Department to set how long you must maintain the bond.

If you're required to maintain your bond past a 12 month period, you will need to renew the bond.

This is another great reason to work with Surety Bonds Direct. You'll be assigned your own bond specialist to manage your bond for you.

As your expiration date approaches, your bond specialist will contact you 30 to 45 days in advance to see if you need to renew it.

If you do, they will help you obtain renewal pricing.

If you don't you can just let your bond expire.

If you're required to purchase an Arkansas medical waste surety bond, click here and complete our quote form. It's fast to fill out and if you prefer to speak with a person, call a bond specialist at 1-800-608-9950.