The Institute of Mercantile Agents Limited operates an approved bonding scheme for Western Australia.
Financial members of the IMA are able to access the scheme. Bonds are required under specific licensing legislation in that State for persons acting as debt collectors.
For the issue of all new bonds the WA scheme works on the following basis:
- The member makes a written application on the IMA's bond application form providing evidence of his or her financial situation; and
- The member provides a counter indemnity for the value of the bond in favour of the IMA.
In return the IMA shall:
- Consider the application and either accept it or reject it on the commercial basis of whether the member is able to support his/her counter indemnity; and
- In the event the application is accepted and the member pays the appropriate bond premium, issue a fidelity bond to the member for lodgement at the appropriate licensing court.
The current premiums for bonds are:
|State & type of cover
|Total Annual Premium
|Total Payable on Application
|WA $6,000 bond for an individual *
3 year bond
|WA $10,000 bond for a corporation*
3 year bond
|* WA Fidelity Bonds are issued for a period that aligns with the member's licence renewal period, with the standard licence period in Western Australia currently being 3 years.
A Bond information kit including application form is available by clicking on the download at the top of this page. All other enquiries relating to the issue or renewal of bonds can be directed to the IMA's National Office.