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Surety Bonds in Indiana

Surety bond requirements apply to many people across Indiana for many different reasons. But in all cases, it's important to obtain the required bond sooner rather than later. Read on to learn all the basics about surety bonds in Indiana.

What is a Surety Bond in Indiana?

Surety bonds are financial agreements between three equal parties:

  • Principal – The person who obtains the bond and accepts financial liability for claims filed against the bond.
  • Obligee – The party that creates the surety bond requirements and has the right to file claims against the bond if those requirements aren't met.
  • Surety – The party that issues and backs the surety bond. If the principal can't or won't pay the obligee for a valid claim, the surety steps in to pay, after which the principal must repay the debt with interest and fees added.

How Does a Surety Bond in Indiana Work?

Now that you know who's involved, we can outline how surety bonds work:

  • If the principal does something illegal, unethical, or in violation of a contract, the obligee may file a claim against the surety bond seeking compensation equal to the damages caused.
  • The surety will investigate the claim to verify it has merit.
  • Valid claims receive an immediate settlement from the surety. Invalid claims get rejected.
  • The surety will use whatever means necessary to collect the settlement amount from the principal who has liability for it under the surety bond agreement

What is the Point of Surety Bonds in Indiana?

There are many different surety bond types, but all of them serve the same purpose. First, by holding the principal financially accountable for misconduct, surety bonds create an incentive to act in accordance with the law or a contractual agreement. Second, by guaranteeing settlements to obligees, surety bonds ensure that victims can seek out justice in the form of compensation.

Who Needs a Surety Bond in Indiana?

Some people need them to get a professional or business license. Others need them to finalize a work contract, especially in the construction industry. Surety bonds may also play a role in court cases, or any situation where one party needs to trust another. If surety bond requirements ever apply to you, rely on Viking Bond Service to help you fulfill them — quickly, easily, and affordably.

How to Get a Surety Bond in Indiana

The process may vary depending on the type of surety bond. Some have more demanding requirements than others. However, most will only require the following steps:

  • Find a trusted surety agency that issues bonds in Indiana.
  • Complete a bond application.
  • Submit to a credit check.
  • Supply a copy of the bond requirements.
  • Provide any other details or documentation the surety asks for.

The surety will then quote a price for the surety bond. Upon payment, the bond becomes active, and the surety provides documentation proving as much.

The Cost of Surety Bonds in Indiana

Bond costs are unique to the individual, meaning two people may pay different prices for the same bond. The cost of a surety bond depends on the size of the bond and the credit standing of the bond seeker. Prepare to pay a small percentage of the bond total, with prices climbing higher as credit scores drop lower.

Do You Need to Renew Surety Bonds in Indiana?

It depends on the bond. Some require indefinite renewal (usually on an annual basis) while others expire after a set period. To renew a bond, the principal will need to undergo another credit check and supply updated information about their business or personal finances. Based on that information, the surety will calculate a new premium price, which could be higher or lower than before if someone's credit standing has declined or improved respectively.

Get Your Indiana Surety Bond From Viking Bond Service

For people wondering how to get bonded in Indiana, the answer is simple: partner with Viking Bond Service. We are a nationwide surety agency that issues a wide variety of surety bonds. We already work with people throughout the Hoosier State, and we are eager to earn your trust and loyalty as well. When you're ready to explore bonding options, request a no-cost, no-obligation quote from us at any time. Or rely on our team for answers and information about all your bonding needs. Please call us at 1-888-2-SURETY (1-888-278-7389) or contact us at your convenience.

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