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Surety Bonds in Colorado

Surety Bond Colorado

Getting the right surety bond in Colorado is an important step for many businesses operating in the state. Viking Bond Service has been providing businesses in CO with the service they need to get an affordable bond for many years. Our team consists of bond experts who are here to guide you through the entire application process ensuring that you get the right bond. If you need a surety bond to comply with state law, Viking Bond Service is here to help.

How Does a Surety Bond in Colorado Work?

Surety bonds make one party financially liable to another. When the bondholder does something illegal, unethical, or in breach of contract, anyone who suffers financial losses because of the misconduct can file a claim against the bond for compensation equal to the damages. As long as the claim is valid, the bondholder who caused the claim must pay for it. However, if they don't pay, the surety company that backs the bond will pay, guaranteed. The bondholder must then repay the surety – the full payment amount plus interest and fees – or face potential legal action.

Why Are Surety Bonds in Colorado Required?

Surety bonds serve an important purpose: establishing trust between two parties. They create an incentive to follow the law and do business honestly by making the bondholder accountable for misconduct. They also give anyone who loses money because of the bondholder a guaranteed way to recoup their losses. Surety bond requirements exist because they are an effective way to regulate industries, protect the public interest, and promote fair commerce across the state of Colorado.

How to Get a Surety Bond in Colorado

Applying for a surety bond in Colorado is a quick and easy process when you use a bonding company that is experienced at acquiring surety bonds in CO. Viking Bond Service has been securing bonds for Colorado businesses for many years and has used their vast experience to develop a simple bond application process. For simple bonds like commercial bonds you'll be able to apply online or by talking to one of our experts. If you need a contract bond the process is a little more complex but one of our team will work through the process with you. The application consists of a form and supporting documentation, which must be submitted in order to get a quote. Once the application is received, a Viking Bond Service agent will seek a quote with the best terms and rate. Once payment of premium has been received, the bond is sent out. The entire process typically only takes 1-2 business days.

The Cost of Surety Bonds in Colorado

Colorado surety bond premiums are calculated using the information you submitted in your bond application. This information usually includes the bond type needed, the bond amount, and personal financial information. Viking Bond Service uses the application information, along with a credit check, to obtain a premium quote. People with strong financial histories and high credit scores will receive lower quotes, as they are considered a lower financial risk to the surety, the party providing the guarantee on the bond. Those with poor financial histories are deemed high risk and will pay a higher premium. If you have poor credit you can still secure a surety bond through Viking Bond Service even if you have been turned down for a bond elsewhere. Call our team today to discuss your bond needs.

Renewing Surety Bonds in Colorado

Be prepared to renew certain types of surety bonds, commercial bonds in particular. Coverage on these bonds lasts for a set term – usually 12 months – and when you need a commercial bond to get a license, you need to keep that bond active to keep the license active as well. That means renewing bond coverage annually. The surety will check how your credit has changed in the past 12 months and then raise or lower the premium to reflect those changes. Be sure to stay on top of renewal dates (the surety will help) and budget for the renewal premium.

Common Surety Bonds in Colorado

Viking Bond Service works with all types of surety bonds in CO. There are many types of bonds available but they generally fall into two main categories: commercial bonds and contract bonds. We have knowledgeable bond experts who are experienced at handling all types of bond applications.

There are a variety of commercial bonds that are used in Colorado with two of the most common being auto dealer bonds and mortgage originator bonds. Whatever industry your business operates in Viking can help you secure the bond you need to stay compliant with all state regulations.

Contract bonds in Colorado are primarily used in the construction industry to ensure compliance with contract terms. They provide a means of financial compensation for the parties involved in the bond should the provider of the work, goods, or services fail to meet all of the terms outlined in the contract. The four common types of contract bonds are: bid, payment, performance, and maintenance bonds.

Judges may also require court bonds in Colorado as part of either civil or criminal trials. These bonds make the bondholder liable for following the judge's ruling. You must obtain a court bond before legal proceedings can move forward, so it's important to seek and secure a bond quickly when required.

Fidelity bonds in Colorado work differently than the rest. They are not mandatory, unlike the others, but are entirely voluntary. They protect businesses and their customers/clients from employee misconduct like theft, fraud, or property damage. Many Colorado businesses decide to get fidelity bonds to protect against a common risk.

Colorado Surety Bonds by Viking Bond Service

The expert team at Viking Bond Service has been helping Colorado clients get affordable surety bonds for many years. The simple application process, affordable rates, and exceptional customer service make us the premier choice for all of your surety bond needs. Call, email, or use our online application form to request a bond quote today.

Get Surety Bonds in Colorado From Viking Bond Service

Meet any CO surety bond requirement with the help of Viking Bond Service. Request a quote 24/7 and expect a response in under a day. For more information, contact us online or call 1-888-2-SURETY (1-888-278-7389).

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