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Surety Bonds in Arkansas

Surety bonds in Arkansas

Securing a surety bond in Arkansas is easy with Viking Bond Service. We've been helping businesses secure surety bonds in Arkansas for many years and understand that finding an affordable bond can be a key factor in keeping your business growing and compliant with state licensing regulations. That's why we've developed a simple and efficient method to help people in Arkansas find the best commercial and contract surety bonds.

How Does a Surety Bond in Arkansas Work?

All surety bonds are financial agreements that hold one party accountable for damages they cause to another party. There are three entities involved in a surety bond agreement:

  • The principal obtains the bond and takes responsibility for any claims filed against it.
  • The obligee files claims against the bond for damages caused by the principal.
  • The surety issues a bond to the principal and settles claims with the obligee. Since the principal has financial liability for those claims, the principal must pay the surety back the amount of any settlement plus interest and fees.

Here's an example of a common type of surety bond (a contract bond) in action. A construction company (the principal) has to obtain a contract bond to finalize the contract for a major project. But once the work starts, the construction company fails to meet deadlines, resulting in unexpected costs for the project owner (the obligee). The obligee files a claim against the surety bond for those costs. The surety investigates the claim to verify the details, then pays the obligee in full. The final step is for the principal to repay the surety or have the debt enter collections.

Who Needs a Surety Bond in Arkansas?

Surety bonds are a fact of life for many Arkansas professionals. Some need to obtain surety bonds to qualify for a professional license. Others need to get them as part of the contracts they sign with clients. There are even some businesses that obtain surety bonds voluntarily to enhance their trust and credibility.

Ordinary people may also need surety bonds for various reasons. Sometimes courts require them before they allow a civil trial to proceed. Someone could even need a bond to get a replacement vehicle title or get utility services activated.

Whenever surety bonds are required, it's important to fulfill that requirement fast. Nothing can move forward without proof of a bond. That's why Viking Bond Service is here to help you understand how to get a surety bond in Arkansas and get the right bonds ASAP.

How to Get a Surety Bond in Arkansas

To secure a bond in Arkansas you'll need to complete the application process and pay the required premium before the bond can be underwritten. Viking Bond Service has developed a simple bond application process to make it easy to get the bond you need. If you need a commercial bond to stay up to date with state regulations, you can complete the application form online.

If your business needs a contract bond the process is a little more complicated, but our agents will guide you through it over the phone. Applications for surety bonds in Arkansas may also require additional documentation to be submitted to secure the bond. These documents include a credit check and may also include business financial records.

The Cost of Surety Bonds in Arkansas

Surety bond premium costs are calculated using a number of factors including bond amount and bond type. Viking will also use the information submitted with your application to calculate the bond price. Many people are surprised to realize that their personal financial history and credit score actually have a large influence on the cost of the bond. This is because issuing a bond is a financial risk for a bonding company.

To decide the exact risk level, they use your personal information in addition to the bond type to calculate the chance that your bond will be claimed against. People with strong credit and financial records are seen as a lower risk and therefore receive lower quotes. Viking Bond Service can help people of all credit scores find affordable bonds.

Renewing Surety Bonds in Arkansas

Some types of surety bonds, like most license bonds, need to be kept active and in good standing at all times. These bonds remain active for a set period of time - usually 12 months - after which they need to be renewed. The renewal process works like this:

  • Complete an updated bond application
  • Agree to a credit check
  • Supply any additional information requested

Underwriters at the surety will use this information to evaluate how your credit risk has changed since the last application. They will then calculate a new price for the bond premium based on those changes. Improvements in credit will lead to smaller premiums, but a lower credit score or standing will lead to higher premiums than before. One way to manage the cost of surety bonds in Arkansas is by continually improving credit over time.

Common Surety Bonds in Arkansas

Viking Bond Service can help you secure all types of surety bonds in Arkansas. We're here to offer expert advice and guidance on finding the best bond for your needs. We work with both commercial and contract surety bonds in Arkansas.

Commercial bonds in Arkansas are often required by state law in order to operate a business. These bonds are also known as permit bonds and license bonds. There are many types of commercial bonds in the state with two common types being contractor's license bonds and auto dealer bonds.

Contract bonds are used in Arkansas to provide a financial backup for contracts. They are particularly common in the construction industry to provide financial security for bid, maintenance, and payment contracts. If the terms of a contract are not met the surety will reimburse the wronged party.

Arkansas Surety Bonds by Viking Bond Service

Viking Bond Service has been working with Arkansas businesses to help them find the right surety bond for many years. Our friendly and efficient team is here to ensure that you get the bond you need when you need it. Use our online application form or call our agents to get a free bond quote today.

Request a Free Surety Bond Quote:

Viking Bond Service is here to meet any and all of your needs in terms of surety bonds in Arkansas. Apply for a bond at any time by completing our online application. We are also happy to answer questions and walk you through any part of the process. Call us at 1-888-278-7389 or contact us at your convenience.

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