At Viking Bond Service one of the questions we’re most commonly asked is, “do surety bonds expire?” The simple answer is yes, but most types of bonds need to be renewed to run for another term (the coverage period of a bond). Bonds generally run year to year.
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You may have heard about surety bonds but aren’t really sure what they are… Many people get confused between bonds and insurance but although they appear similar they can have very different implications for both businesses and consumers. Below you’ll find everything you need to know to understand the difference between surety bonds and insurance. Continue reading “Surety Bonds vs. Insurance”
Surety bonds are used to manage the contract risk for construction projects, satisfy licensing requirements, and other applications. But what does that mean for your business? Learning the basics about surety bonds can help you understand why a surety bond would be required and how they work.
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If you’re an auto dealer in California you probably have some questions about auto dealer bonds! Viking Bond Service is here to help. Let’s start with some quick facts:
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Businesses are often required to purchase surety bonds to operate. Surety bonds are generally issued by surety companies. However, it’s common to apply for a surety bond through a broker or surety bonding agency.
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If you’re planning to apply for a state license to operate your business you may be surprised to find out that you need a surety bond! In many cases these commercial bonds are required as part of the business license application process. We’ve picked out five of the less well-known bond types below:
Continue reading “5 Licenses that you didn’t know required a surety bond”
If you’re a used car dealer in New York State your surety bonding requirements are about to change! Thanks to the New York Assembly Bill 8166 the state is about to bring in key changes that used car dealers need to be aware of. Although the bill passed in 2016, its influence will only begin on March 28, 2017, when the bill comes into effect.
Continue reading “How Used Car Dealer Bonds will Change in 2017”
In many states, the use of subdivision bonds is increasing. If you’re a contractor, property owner, or developer you should learn the basics of these bonds to ensure you know what they mean for your businesses development projects.
Continue reading “What is a Subdivision Bond and Why is it Important?”
In most states, if you’re involved in the sale or distribution of alcohol you’ll need to know about alcohol bonds.
Continue reading “Everything You Need to Know About Alcohol Bonds / Liquor Bonds”
Auto dealers are a big part of the transportation industry and our society at large, providing the bridge between auto manufacturers and consumers. This crucial part of our economy and culture carries with it a large responsibility, so auto dealers must adhere to local laws and regulations and follow ethical business practices. Motor vehicle dealer surety bonds provide assurances that dealers will behave legally and ethically.
Continue reading “How Motor Vehicle Dealer Bonds Work”