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Surety Bonds in Illinois

Surety Bond Illinois

Viking Bond Service offers expert knowledge combined with superior customer service to provide one of the premier bonding services in the US. As a leading surety bond company, we're here to help with all of your surety bond needs in Illinois. Our agents are experts in their field and ensure that your business has the surety bond it needs when it needs it. Our experienced team can help with all types of surety bonds including both commercial and contract bonds.

How Do Surety Bonds in Illinois Work?

Every surety bond type works slightly differently, but they all have the same basic purpose: to hold one party accountable for misconduct that causes damages to another party. All surety bond agreements involve three parties:

  • The principal must get the bond and pay for claims.
  • The obligee may file claims against the bond if the principal causes them financial losses due to mistakes, misconduct, or illegal behavior.
  • The surety underwrites the bond. If the principal fails to settle a claim, the surety steps in to pay the obligee – a debt which the principal must repay to the surety with interest and fees added.

Why Are Surety Bonds in Illinois Required?

Illinois surety bond requirements are designed to promote lawful behavior on the part of bondholders. They also give anyone harmed by the bondholder a streamlined way to get compensation equal to the damages. By enforcing accountability, surety bonds help one party trust another, which explains why they are commonly required for licenses, contracts, and other agreements with financial implications.

Who Needs a Surety Bond in Illinois?

Some may need a surety bond to get a business license (i.e. a motor vehicle dealer's) or obtain a professional license like notary publics. Bonds are also a common feature of the construction and contracting industry where individuals or companies must get bonds as part of work contracts. Some people know they will need to get bonds while others face sudden and unexpected bond requirements. Whenever those requirements arise, Viking Bond Service can help.

How to Get a Surety Bond in Illinois

If you need to obtain a surety bond in Illinois you can do so by applying for the bond through a bond company. We've used our many years of experience offering bonding services in Illinois to make our application and underwriting process as easy and efficient as possible. For most commercial bonds you'll be able to apply online using our application form.

Once the application and supporting documentation is submitted we aim to provide a bond premium quote within 24 hours. If your business needs a contract performance bond your application will be handled on the phone by one of our agents. Bond underwriting is completed very quickly once the application is submitted!

The Cost of Illinois Surety Bonds

There are many factors that determine the cost of a surety bond in Illinois. Two of the primary influencers of cost are bond type and bond amount. When you complete an application form for a surety bond you'll be required to provide information regarding your credit history and your business' financial records. When Illinois surety bond companies analyze an application they use the information to calculate the risk the bond poses to the underwriter. This risk factor shows the likelihood of the bond being claimed against. To lower the cost of bonds you should aim to maintain a strong credit score and business finances. Viking Bond Service is experienced at helping business owners secure surety bonds whatever their financial history or credit score.

Common Illinois Surety Bonds

There are many types of surety bonds in Illinois but they all generally fall under four main categories: commercial bonds, contract bonds, court bonds, and fidelity bonds.

Commercial Bonds

State and federal laws often require the use of commercial bonds. Many companies need these types of bonds for their business to trade legally within the state. Viking Bond Service agents are experienced at securing the necessary commercial bonds for businesses in the Illinois area including license bonds, dealer bonds, broker bonds, and many others.

Contract Bonds

Contract bonds are primarily used in the construction industry. The four types of bonds available are bid bonds, performance bonds, maintenance bonds, and payment bonds. These bonds are used to ensure that the contracted work or supplies are delivered to the required standard. We can help your business find the right contract bond today.

Court Bonds

Before moving forward with a criminal or civil trial, a judge may require someone to get a court bond making them liable to follow the court's ruling. If, for example, the judge requires someone to pay a settlement, the bond holds them accountable for paying.

Fidelity Bonds

Small businesses have the option to obtain fidelity bonds. Then, if that business or their customers suffers losses because of employee theft, property damage, or fraud, the bond will help absorb the financial burden caused to the business owner.

Illinois Surety Bonds by Viking Bond Service

Viking Bond Service is one of the leading surety bond companies in Illinois. To get bonded in Illinois quickly, Call us at 1-888-2-SURETY (1-888-278-7389), contact us in writing, or request a quote in minutes and receive a price usually within 24 hours.

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