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Surety Bonds in Idaho

You may need surety bonds in Idaho to start a business, obtain a professional license, finalize a contract, or meet other important obligations. Much depends on getting the right kind of surety bond, so it helps for everyone to know how the process works. This quick guide covers the essential information about Idaho state surety bonds.

How Do Idaho Surety Bonds Work?

There are dozens of different kinds of bonds, each with different requirements. But all those bonds have the same primary purpose: to make the bondholder financially liable for misconduct that causes damage to an individual, business, or the public at large. The easiest way to understand how Idaho surety bonds work is to look at the three parties involved in all surety bonds agreements:

  • Principal - The individual or business that must obtain the bond. The principal must also pay for any claims filed against the bond by the obligee.
  • Obligee - The entity that creates the surety bond requirements. If the principal does something illegal, unlawful, in breach of contract, or otherwise in violation of the surety bond agreement, the obligee may file claims for damages against the bond.
  • Surety - The company that issues and underwrites the bond. In the event that the principal can't or won't pay for a claim, the surety will step in to pay the obligee. However, the principal must pay the claim amount back to the surety, with interest and fees included, or face the risk of a lawsuit or having the debt sent to collection.

Types of Idaho Surety Bonds

Almost all surety bonds types fall into one of four common categories:

  • Commercial Surety Bonds — Bonds required to get certain kinds of business and professional licenses.
  • Contract Surety Bonds — Bonds required under the terms of a contract, often in the construction industry.
  • Court Surety Bonds — Bonds required by the courts as part of civil and criminal trials.
  • Fidelity Surety Bonds — Bonds a business can choose to obtain to protect against the risk of employee misconduct (theft, property damage, etc.).

Who Needs Idaho Surety Bonds?

More people than you might expect. Many small business owners and entrepreneurs need one - motor vehicle dealers, for example. Professionals in industries that require a license often have to get surety bonds. Contracts and construction companies get dozens, even hundreds of them over the course of years. Someone may even need an Idaho surety bond to get utility service set up. Surety bonds build trust between two parties by holding one accountable to the other, which makes them a useful tool in many formal agreements with financial risk involved. Anyone should be prepared to get a surety bond if and when required.

How to Obtain an Idaho Surety Bond

The process will vary depending on the type of bond, but it typically involves a few simple steps:

  • Complete a bond application
  • Submit to a credit check
  • Provide additional documentation (as necessary)

The surety will use this information to quote the cost of the surety bond. After the principal pays to activate coverage, the surety provides a document proving the surety bond requirements have been met.

The Cost of Idaho Surety Bonds

Most bonds cost a small percentage of the total coverage amount. Exact costs are determined by underwriters at the surety based on the bond seeker's credit score and financial history. Lower credit scores result in higher bond costs. But thanks to a special program from Viking Bond Service, bad credit doesn't have to keep someone from getting the bond they need at a competitive rate.

Do You Need to Renew Idaho Surety Bonds?

Some surety bonds, particularly commercial bonds, require annual renewal. If bond coverage lapses, the license that requires the bond coverage could also lapse, making any future business illegal and subject to significant penalties. The surety will provide early and regular reminders about renewal, during which they will re-examine credit and adjust the premium up or down based on credit changes.

Viking Bond Service for Surety Bonds in Idaho

If you need a surety bond in Idaho, Viking Bond Service has got you covered. We help people get every kind of surety bond imaginable, serving the entire state of Idaho. Discover why people across the state, and across the country make us their bond partner of choice - request a quote, contact us, or call 1-888-2-SURETY (1-888-278-7389).

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