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Surety Bonds in Alabama

Surety bond - Alabama state capital building Montgomery, AL

Viking Bond Service offers a fast and simple way to secure surety bonds in Alabama. As one of the leading bonding companies in the US, we've created a bonding application process that will ensure that you get the right bond for the right price. Our many years of experience in the bonding industry have given us the experience and knowledge needed to ensure that you have the bond you need to keep your business compliant with all state and federal regulations. The team of agents at Viking is knowledgeable in all areas of surety bonds and can guide you to the best commercial or contract bond for your business. Contact us today to get started.

What is a Surety Bond in Alabama?

There are many different types of surety bonds that someone in Alabama might need, but all of them work in similar ways. Surety bonds are a financial guarantee that one party will compensate another party for any damages incurred.

When a bonded party (called the principal) does something that's illegal, unethical, or not allowed under the bond agreement, the party that created the Alabama surety bond requirements (called the obligee) may file a claim against the bond seeking compensation equal to the damages. The company that issues the bond (called the surety) will investigate the claim.

All valid claims receive immediate compensation in full. After settling with the obligee, the surety will collect the amount of the settlement, plus interest and fees, from the principal who caused the claim and accepted financial liability for it under the bond agreement.

Why are Surety Bonds in Alabama Required?

Surety bond requirements are so common because they're an effective way to regulate industries and protect public interests. Since surety bonds hold people accountable for their mistakes, they create an incentive to follow all required standards of conduct. And since surety bonds guarantee compensation for anyone harmed by a bonded principal, they provide a path to justice for people who wouldn't have one otherwise. Alabama surety bond requirements make it harder for unscrupulous people to conduct business, which benefits everyone in Alabama.

Who Needs a Surety Bond in Alabama?

More people than you might expect. You may need a surety bond to get a professional license. Surety bond requirements may be included in a contract. Or they could be a part of court proceedings. Even getting utilities turned on may involve getting a surety bond in some cases. If you're unsure what Alabama surety bond requirements apply to you or exactly what they mean, Viking Bond Service is here to help. Let our team make sense of the situation - free of charge and with no obligation to get a bond. Contact us.

How to Get a Surety Bond in Alabama

To make your surety bond search quick and simple you should use the services of a bonding company with experience securing surety bonds in AL like Viking Bond Service. If you're looking for a commercial bond you'll be able to start the process in one of three ways: on the phone, via email, or using our online quote form. If you need a contract bond the application is a little more detailed, however our agents will guide you through the process. Typically bond requests require a completed application form and a credit check along with any additional documentation that may be needed such as financial statements. Once the application has been approved, quote accepted and premium paid in full, the bond will be issued.

The cost of Alabama surety bonds

The price of your surety bond in AL will depend on a number of factors. It's not surprising that bond type and bond amount play a large role in determining the premium cost. However, many people are surprised to learn that their personal credit history is also taken into consideration. The surety bonding company needs to calculate how likely it is that issuing you a surety bond will cost them money. One tool used to determine the amount of risk posed by the bond is a credit check. If you have a high credit score you will be perceived as low risk and quoted a lower premium. The lower the credit score, the more chance there is to receive higher quotes. Viking Bond Service can help you get the bond you need whether your credit is good or challenged.

Common Alabama surety bonds

Viking Bond Service provides both commercial and contract surety bonds in Alabama. Our team has experience securing all types of bonds in the state and is here to guide you to the right option.

Commercial bonds are common in many industries throughout the US. These types of bonds are often required by state regulations of certain businesses wishing to secure a license to operate within the state. Liquor bonds, Auto Dealer bonds, and Utility Deposit bonds are all common types issued in Alabama.

Contract bonds are a type of bond that secures a contract. They are used in the construction industry to prevent businesses from suffering a financial loss due to the breach of a contract. There are four main types of contract bonds: bid, performance, payment, and maintenance bonds.

Do You Need to Renew Surety Bonds in Alabama?

Some surety bonds require renewal, others don't. Those that do usually remain valid for 12 months. The renewal process works much like the initial quote: You complete an application and submit to a credit check. The surety will then calculate a new cost for the bond premium based on any changes to your credit standing over the previous year. The price may go up or down in line with your credit. Viking Bond Service keeps everyone informed about upcoming renewal deadlines. And when the time arrives, we make it quick and easy to renew.

Alabama Surety Bonds by Viking Bond Service

Find the right bond for your business today by using Viking Bond's quick and easy application process. We serve all parts of Alabama, and we connect bond seekers with all the most common types of surety bonds. Rely on us to make the process simple, seamless, and speedy. Our bond agents are here to help!

Request a Surety Bond Quote:

When you're ready to get a bond, complete our online application at any time 24/7. You can expect to get a quote within 24 hours for most types of bonds. If you need more information before, our team is here to answer all your questions. Call us at 1-888-278-7389 or contact us in writing. For all your bonding needs, rely on Viking Bond Service!

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More About Surety Bonds:
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Many variables go into figuring Performance Bond premiums. Read about what variables are considered and why premiums can vary so widely.

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