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Contractor License Bonds

What is a Contractor License Bond?

A Contractor License Bond is a surety bond that is sometimes required by state, county, city and other governing agencies. The bond is typically a requirement for individuals seeking to become a licensed contractor. Contractor License Bond amounts vary from state to state. The bond amounts typically range from $1,000 up to $50,000 although higher bond amounts are required sometimes.

What does a Contractor License Bond do?

The Contractor License Bond, when put in place, serves to protect the public. The bond provides a form of guarantee that the contractor will conduct business in a manner adherent to the laws and rules of the governing body requiring the bond. If a contractor violates these laws/rules, a claim can be made against the bond. The Surety, the entity that provides the guarantee behind the bond, will now have to either pay a sum, up to the bond amount, to cover the claim or make arrangements to settle the claim in some other fashion.

When the Surety has to pay out on a surety bond claim, the financial sum required to fulfill the Surety's responsibility on the bond is now owed the Surety by the contractor. The contractor is ultimately financially responsible for any amount paid out on a claim by the Surety.

How much does a Contractor License Bond cost?

Rates for Contractor License Bonds vary widely. The rates are determined based on various factors which include credit standing and may include financial standing as well. Typically, the poorer the credit, the higher the quotes are for Contractor License Bonds.

The best way to get a truly accurate quote for a Bond is to apply for the bond and let the underwriter review the request and put a quote together.

Viking Bond Service, Inc. will always attempt to get the best rate for any surety bond request. In instances where the rate is high to start due to challenged credit, our renewal department can remarket the bond if there has been an improvement in credit and/or financial standing.

What is needed to apply for a Contractor License Bond:

  • Specific Bond form – A bond form is the actual document that contains the wording of the bond. In many cases the governing agency will require use of their specifically worded bond forms. Often times, we will already have a copy of these bond forms on file.
  • Bond Amount – The governing agency will specify the bond amount. This information needs to be passed to the Surety to get a quote. The required surety bond amounts are usually standardized within specific governing bodies.
  • Obligee name - This is the name of the governing agency requiring the bond of you.

How to Get Started with your Contractor License Bond request:

  1. Contact us to go over your bond request. Our agents will be able to tell you exactly what may be required to get a good quote for your specific bond request.
  2. Complete an application and send any required documentation. A financial statement is not always needed but may be required along with the application. An agent will let you know if a financial statement will benefit the quote.
  3. Once the application is received, an agent will work to get the best quote for the request. Typically the quote will be obtained same day to 24 hours.
  4. Once the quotes are received, the most favorable quote will be relayed. All Viking Bond Service, Inc. quotes are FREE with No Obligation.
  5. The last step is to simply pay the premium and receive your surety bond.

Request a Contractor License Bond Quote:

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You may still be able to get approved despite challenged credit.

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