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Washington Contractors License Bond

Contractor License Bonds in Washington - State Capital Building Olympia, Washington

Contractor license bonds are among the most important types of surety bond in the Washington. As one of the required items for individuals seeking a contractor license in Washington, the bond helps ensure that licensed contractors in the state can be trusted to do good work. With contractors operating in so many different trades such as electrical, plumbing, construction and many others, the contractor license bond has a wide range of impact on the contracting industry.

Contractor license bonds serve multiple purposes. These bonds are primarily required as a consumer protection. The bond gives consumers an additional path of recourse in situations where work performed by a contractor was not completed in an acceptable manner. While the mechanics of the bond are geared toward consumer protection the bond also has the affect of building consumer confidence. A licensed, bonded contractor instills trust in consumers.

What Is a Contractor License Bond and What Does It Cover?

A contractor license bond provides a form of guarantee that the bonded contractor will perform the job in a manner acceptable to applicable trade and workmanship standards. The bond gives the contractor additional incentive to perform quality work and stand by his/her work. The bond also promotes problem resolution in instances where issues may arise with work completed by the contractor.

Contractor license bonds are an agreement between three parties;

  • The state representing the public,
  • The surety who backs the surety bond,
  • And the Contractor who performs the work.

Through this agreement, the surety provides a financial backing of the contractors performance on jobs he/she is hired to complete. The bond provides a path of recourse to consumers in instances where the contractors work was not completed in an acceptable manner. When this happens, the affected consumer may claim on the bond up to the bond amount. If a claim is found to be valid by the surety, a payment is made to settle the claim. Unlike an insurance policy, the contractor is responsible to the surety for any amount paid out on claims. For this among other reasons, it’s best for contractors to avoid bond claims and settle any workmanship issues before they escalate.

The contractor license bond builds confidence with the public and individual customers. It gives them the security of knowing that they've got financial recourse if work is not completed or completed incorrectly. Customers prefer to work with bonded contractors. Why would you want to risk losing money?

How to Get a Contractor License Bond in Washington

Contractors can purchase Washington contractor license bonds from a surety company licensed in the state. The contractor must pay annual premiums to keep the bond current for as long as the contractor license is active. The process of obtaining the bond is simple, in most cases it only involves a general commercial bond application, a credit check and payment of premium. The process can be completed in as little as a day.

The Cost of Washington Contractor License Bonds

Several details are considered when determining the amount to quote for the Washington contractor license bond. The bond amount, which is the amount that can be claimed on the bond, is always a key consideration. In Washington, the contractor license bond amounts are $6,000 for specialty contractors and $12,000 for general contractors. Credit is also a determining factor. While good credit can lead to lower quotes, quotes for applicants with credit challenges are provided as well. As credit improves year over year, the bonds can be re-underwritten for lower premiums.

Contractor license bonds in Washington are typically quoted in the 2% to 4% range, as a percentage of the bond amount. However, some quotes come in outside of this normal range on the low and high side. Since surety bond quotes are based on each individual application, quotes provided for two separate applications can vary quite a bit. It’s worth mentioning that prior surety bond claims can result in significantly higher quotes. It’s always a good idea to avoid bond claims.

Washington Contractor License Bonds by Viking Bond Service

The most important part of getting your Washington contractor license bond is selecting a reliable, experienced bonding company. You can trust Viking Bond Service with your Washington contractor license bond request. We’ve provided our Washington clients with contractor bond among many other bond types for over a decade. Our process is stress-free, easy, and fast, so choose Viking Bond Service to get started with an online quote request now.

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