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Alabama Automobile Club Bond


Product Number: Various
Alabama Automobile Club Bond. This product has multiple versions. Please select one using the Choose a Version box.

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Surety: Merchants Bonding Company

Credit Check Required
Underwriting Required
Application Required

COMMISSIONER OF INSURANCE STATE OF ALABAMA AUTOMOBILE CLUB SURETY BOND KNOW ALL MEN BY THESE PRESENTS, That _____________________________________, AS PRINCIPAL, (Hereinafter referred to as "the Principal"), and _________________________________ ____________________________, AS SURETY, (Hereinafter referred to as "the Surety"), are held and firmly bound unto _____________________________________________, Commissioner of Insurance of Alabama, and his successors in office, in the sum of TWENTY-FIVE THOUSAND DOLLARS ($25,000) in lawful money of the United States, to the payment whereof we hereby bind ourselves, jointly and severally, and our successors, assigns and representatives. THE CONDITION OF THE ABOVE OBLIGATION IS THAT: WHEREAS, by virtue of Section 802 of Act No. 407, Acts of Alabama 1971, the above bounden Principal is required to make a deposit of Twenty-five Thousand Dollars in cash or approved securities with the Commissioner of Insurance of the State of Alabama, or in lieu thereof, to give and file with the said Commissioner of Insurance a surety bond in the amount of Twenty-five Thousand Dollars of a surety company authorized to do business in the State of Alabama, said bond and company to be approved by said Commissioner of Insurance to be held by the said Commissioner of Insurance to assure the faithful performance of its obligations to its members and subscribers by said Principal herein named, in the State of Alabama, and WHEREAS, the above bounden, the Principal herein named, has elected to give such surety bond with the Surety above named: NOW, THEREFORE, If the said Principal named herein shall faithfully perform its obligations to its members or subscribers and shall pay each, every, and all of its liabilities to its members or subscribers in the State of Alabama, after the said liabilities shall have been adjusted between the Principal and its members or subscribers in the mode prescribed by the contract between the Principal and its members or subscribers, if a mode be prescribed, or by judgment, order, or decree of a Court having jurisdiction of the subject, and shall fully and faithfully respond to and settle all said obligations to its members or subscribers resting upon it by virtue of its said contracts with its members or subscribers and the Principal, or imposed upon it by the laws of the State of Alabama, then and in that event this bond shall be null and void. IT IS FURTHER expressly understood and agreed by and between the parties hereto that this bond may not be cancelled or released until after 30 days notice in writing to the Commissioner of Insurance of the State of Alabama. IN WITNESS WHEREOF, the said parties hereunto have caused to be set the hands of their respective proper officers and to be affixed their respective corporate seals. Signed and sealed in the presence of: FOR THE PRINCIPAL _______________________ ____________ _________________________________________ Date President _________________________________________ Secretary FOR THE SURETY _______________________ ____________ _________________________________________ Date Countersigned _________________________________________ Attorney-in-Fact


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