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Mississippi Board of Pharmacy bonds are categorized as a type of license and permit bond because purchasing one is a prerequisite for being issued a drug facility permit.
The bond is a business owner’s pledge to operate in compliance with the Drug Supply Chain Security Act (DSCSA) and applicable requirements of the Food and Drug Administration (FDA). Failure to do so can result in claims being filed against the bond.
The Mississippi Board of Pharmacy (MBP) issues five different types of drug facility permits, and all of them require the purchase of a Board of an MBP surety bond:
Be sure to research MBP drug facility permit requirements and how to apply for a new or renewal permit.
The required bond amount varies:
There must be an active Mississippi Board of Pharmacy bond in force at all times to avoid suspension or revocation of the facility’s permit.
The three parties to the legally binding MBP surety bond agreement are referred to as the obligee, the principal, and the surety:
The principal is legally obligated to pay all claims against an MBP bond once the surety determines that the claim is legitimate. But unless the principal can pay the claim right away, the surety will pay it on the principal’s behalf, creating a debt that the principal must subsequently repay.
The surety’s main concern in determining the premium rate for a given bond applicant is the risk of not being repaid for claims. The underwriters will consider the principal’s personal credit score, financial circumstances, and industry experience, which is a good predictor of the likelihood of claims.
With good credit, the premium rate can be as low as 1% to 3%, which means that a $100,000 Mississippi Board of Pharmacy bond could cost as little as $1,000 to $3,000. A less qualified principal will be assigned a substantially higher premium rate.
Request a convenient online quote today, or discuss your Mississippi Board of Pharmacy surety bond needs with one of our experienced surety bond specialists.
