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Surety Bonding Process

How to Get Started

Viking can service Surety Bond request nationwide for any type of Surety Bond. Whether you are a person or business seeking licensure or a contractor bidding on a job, Viking can provide competetive terms and quick service. Getting the Surety Bonding process started with Viking is easy. There are several ways to get the Bonding process started with Viking:

• Call us. We are happy to take your call and go over your specific Surety Bond request person to person. (1-888-278-7389)
• Email us. You can email us with any questions or with an explanation of what you are looking for. Be sure to include contact information so one of our specialists can get back to you via your preferred method of communication.
• Complete the Contact Form and indicate the type of Surety Bond required if known. One of our specialists will contact you shortly after you complete the form.
• Use an existing Surety Bond application. If you have already completed an application elsewhere, you may send that same application in to us and we will work from it, rather than you completing a new one. Additionally, you can send in any Surety Bond quote received elsewhere and we will attempt to beat it.
• The Surety Bond online application will be available soon.

Surety Bonds Explained

A Surety Bond is a type of protection usually required by local or federal governing bodies to protect from specified undesirable activities by the Principal, the person or business required to obtain the Surety Bond.
A Surety Bond is a three party agreement. The three parties are:

• The Principal - the primary person or business entity who will be performing a contractual obligation, seeking licensure, or performing a role or duties in accordance with the obligee's expectations.
• The Obligee - the party who is the recipient of the obligation (usually a government entity).
• The Surety - who ensures (guarantees) that the Principal's obligations will be performed. Sureties are similar to (sometimes divisions of) insurance companies.

Through the Surety Bond agreement, the Surety agrees to uphold - for the benefit of the obligee - the contractual obligations made by the Principal if that Principal fails to uphold its promises to the obligee. The Surety Bond is provided so as to induce the obligee to contract with (or license) the Principal, i.e., to demonstrate the credibility of the Principal and guarantee performance and completion per the terms of the agreement.
In the instance where the Principal fails to uphold their obligations, claims may be made on the Surety Bond. If a valid claim is presented, the Surety will pay on the claim in accordance with the Bond language. The Principal, however, is ultimately financially responsible for any amount paid on the Bond.

Surety Bond Rates

Viking provides Bonding through all major Sureties using A Rated, Treasury Listed paper. This means Viking can do the shopping for you and offer you the most competitive quotes.
Surety Bond rates can vary greatly not just based on the type and amount of the Bond, but also vary greatly based on the quality of credit and in some cases, financials. Typically, the better the credit and/or financials, the better the rate. Poor credit will typically receive higher quotes.
Upon Bond Renewal, if applicable to the Bond type, and requested, Viking can remarket the Bond to search for better terms based on updated credit and/or financials.

The Surety Bonding Process

1. The first step to getting your Surety Bond in hand, is to contact us. We will send you the applicable Surety Bond application and let you know if anything in addition to the application is needed to get your quote.
2. The next step is to send a completed application along with any supporting documentation if applicable to the specific Bond type. Business and Personal financials are not always required but could potentially help to get a more favorable quote.
   1. Some Surety Bonds require supporting documentation such as Court Orders for some Court Bonds and Bond forms for some more unusual Bond types. We will let you know if any additional documentation is required.
3. Once the application is received, we will seek approvals and quotes from our Surety Companies.
4. Upon receipt of Surety approval, we will relay the most favorable terms to you. Surety Bond quotes are typically received within 24 hours of receiving the application. Viking Quotes are free with no obligation.
5. The last step is to simply pay the premium and receive your Surety Bond!

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