What is the total aggregate liability amount required for a surety bond?

The total aggregate liability amount required for a surety bond is typically set at $10,000 in Arizona. This amount serves as a financial guarantee that a fiduciary will perform their responsibilities in accordance with the law and fulfill any obligations arising from their role. By establishing this amount, the state helps ensure that there is sufficient coverage to protect beneficiaries in case of mismanagement or wrongdoing by the fiduciary. Such requirements also reinforce the fiduciary's responsibility and accountability in managing the assets entrusted to them. Understanding these requirements is crucial for anyone seeking to obtain a fiduciary license, as it ensures compliance with state regulations and protects the interests of all parties involved.