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Surety Bonds in Hawaii

If you need a surety bond in Hawaii, you'll also want information about how surety bonds work. Continue reading below as we cover everything about them in this article.

How Do Surety Bonds in Hawaii Work?

The purpose of surety bonds, no matter the surety bond type, is to make one party liable for damages caused to another party. Surety bond agreements actually involve three parties:

  • Principal – The party that must obtain the bond and accept liability for claims filed against the bond by the obligee.
  • Obligee – The party with the right to file claims against the bond seeking compensation equal to the damages caused by the principal.
  • Surety – The party that guarantees a claim settlement to the obligee if the principal can't or won't pay for a claim. After paying, the surety will do whatever is legally necessary to collect that amount, plus interest and fees, from the principal who has the legal liability.

Who Needs Surety Bonds in Hawaii?

The state can require surety bonds for someone to get a business or professional license. These bonds can also be a contractual requirement that a person or organization must procure before finalizing a work agreement, especially in the construction industry. Though Hawaii surety bond requirements are more common for some people than others, they can affect anyone, sometimes unexpectedly. Viking Bond Service can help anyone in Hawaii get any surety bond they need.

Different Types of Surety Bonds in Hawaii

  • Commercial – Surety bonds required for a commercial license.
  • Contract – Surety bonds required under contract.
  • Court – Surety bonds required to proceed with a court case.
  • Fidelity – Surety bonds that protect businesses from employee misconduct.

How to Get Surety Bonds in Hawaii

The first step is to get an individual quote for the bond premium (the cost of the surety bond) by supplying the following information:

  • A completed bond application.
  • Permission to run a credit check.
  • Additional documents (financial statement, copy of bond requirements, etc.) requested by the surety.

Pay the quoted premium to activate coverage. At that point, the surety will provide documentation proving someone has obtained the required bond in the required amount.

The Cost of Surety Bonds in Hawaii

In most cases, bond premiums cost a small percentage of the coverage amount, and credit determines the exact cost. People with low credit scores or a spotty credit history should expect to pay more than someone with stellar credit.

Do You Need to Renew Surety Bonds in Hawaii?

Commercial bonds typically need to be renewed since someone must have an active Hawaii surety bond to maintain an active license. Commercial bonds usually expire after 12 months. Renewing them involves undergoing another credit check, which the surety will use to update the premium (up or down) based on credit changes. Paying the new premium renews coverage for another 12 months.

Viking Bond Service for Surety Bonds in Hawaii

Don't let getting a Hawaii surety bond become confusing, stressful, or overly expensive. Rely on Viking Bond Service instead. We serve people anywhere in Hawaii, and we can help fulfill almost any surety bond requirement. Request a quote at your convenience, or get more info by contacting us online or calling 1-888-2-SURETY (1-888-278-7389).

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