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Georgia Surety Bonds

Georgia Surety Bond

Whether you need a surety bond for your business license or for personal needs like a lost title bond or a utility deposit bond, we're here to help. Viking Bond Service is one of the leading companies providing Georgia surety bonds to residents of the Peach Tree State.

What is a Georgia Surety Bond?

A Georgia surety bond is a legal contract that guarantees compliance with the law and ethical standards. The bond creates a financial incentive as well as an enforcement mechanism to ensure the contract terms are met. It is a standard risk management tool used to protect others from the harm resulting from fraudulent behavior. Surety bonds are often required of contractors, liquor sellers, investment advisors, and many other businesses that involve the public trust. But some surety bonds govern private behavior, like replacing a lost car title. In this case, the surety bond guarantees that the bonded title holder is the valid vehicle owner.

How Does a Surety Bond in Georgia Work?

There are many different Georgia surety bond types, but they are all legal contracts between three essential parties:

  • Principal – The person or business required to get the bond and accept financial liability for claims.
  • Obligee – The person, business, or government agency that mandates the surety bond.
  • Surety – The insurance company that underwrites the surety bond.

Here's a breakdown of how Georgia surety bonds work:

  1. If someone feels they have been damaged by illegal or unethical conduct by a surety bond principal, they may file a claim against the bond.
  2. The surety investigates all claims against the bond. If the surety determines the claim is valid, the principal must pay the claim amount. If they refuse, the surety will pay the damages in full, up to the total bond value.
  3. The surety will then focus on collecting the amount paid (plus interest and fees) from the principal, who is responsible for all claims under the terms of the bond agreement.

Types of Surety Bonds in Georgia

There are hundreds of types of surety bonds in Georgia, but they fall into three primary categories:

Surety bonds protect people from potential harm due to the illegal actions of others. Georgia surety bond requirements encourage lawful behavior, promote commerce, and protect the public good.

Who Needs Surety Bonds in Georgia?

Many people in The Peach State need surety bonds, including entrepreneurs, professionals, contractors, and ordinary individuals. Some people need Georgia surety bonds for their business endeavors. For others, surety bonds may be required when you're involved in the court system. The surety experts at Viking Bond Service will guide you through the bonding process and answer your questions.

How Much Does a Surety Bond in Georgia Cost?

Your Georgia surety bond cost will be calculated based on a few key factors. These include the bond amount, the bond type, and your credit score. The obligee determines the bond amount. For most bonds, you'll pay just a tiny percentage of the bond value, typically 1% - 5%. So, a $50,000 bond would run you between $500 and $2500. People with strong credit scores and businesses with solid financial histories will pay lower bond premiums.

Georgia Surety Bond Requirements: Can I Get One With a Bad Credit?

Surety companies evaluate your credit history because it's their best guide to the risks involved in bonding you. That's why people with rocky credit scores must pay a higher premium or may even be rejected by some surety agencies. But at Viking Bond Service, we don't believe your future should be limited by a few financial difficulties in your past. Our Bad Credit Surety Bond Program may help you to get bonded for the lowest possible price.

Do You Need to Renew a Surety Bond in Georgia?

Most Georgia surety bonds remain in force for a year, though a few are longer or shorter. If you need continuing bond coverage, you'll need to renew the bond to keep it active. Each bond renewal involves a credit check. The good news is that if your credit score improves, your bond premiums will reduce.

How Can I Get a Surety Bond in Georgia?

At Viking Bond Service, we make obtaining a surety bond quick and hassle-free. Complete our online application, and we'll send you a competitive GA surety bond quote ASAP. Or you're welcome to contact us online or call 1-888-2-SURETY (1-888-278-7389). Let's get you bonded.

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