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Surety Bonds in Iowa

Surety Bond Iowa

Viking Bond Service has been helping businesses in Iowa secure affordable surety bonds for many years. Our experienced bond agents understand that finding the right bond is an essential step in starting up and maintaining regulatory compliance for many Iowa businesses. That's why we've developed one of the premier bonding services in the US. We've created a quick and easy application process that can help you get the right bond in just a few days. Whether you're looking for a commercial bond or a contract surety bond in IA, our knowledgeable team is here to guide you to the best bond for your needs.

How Does a Surety Bond In Iowa Work?

All the different surety bond types work in basically the same way. There are three parties involved in all surety bond agreements:

  • Principal – The person who must meet the Iowa surety bond requirements by getting a certain type of bond with a specific coverage limit. The principal is liable for paying all valid claims filed against the surety bond by the obligee.
  • Obligee – Someone who suffers financial losses because of the principal. If the damages are caused by illegal misconduct or breach of contract, the obligee can file a claim against the bond for compensation worth what was lost.
  • Surety – The surety agrees to pay the obligee for any valid claim that the principal fails to pay. However, since liability for claims rests entirely on the principal, that person must promptly repay the surety the amount of any settlement or else they will lose their bond coverage and face the threat of a lawsuit.

Who Needs a Surety Bond in Iowa?

Anyone could potentially need an Iowa surety bond at some point. They are used in any agreement where one party needs to hold another party accountable for damages. That said, some Iowans are much more likely to need surety bonds. Business owners and professionals often need to meet Iowa surety bond requirements before state agencies or local governments will issue them a license. For example, contractors face more surety bond requirements than anyone else – they need an Iowa contractor's license bond to work and must obtain various Iowa construction bonds before starting most jobs. Contractors, professionals, entrepreneurs, and everyone else can depend on Viking Bond Service to help them get any surety bond they need.

How to Get a Surety Bond in Iowa

Getting a surety bond in Iowa will be a simple process when you choose to work with an experienced bonding company like Viking Bond Service. As a leading bonding company we know how to find the right bond at the right price. A bond request typically requires a completed application form, credit check, and, in some cases, additional documentation such as business financials. Commercial bond applications can be completed using our online form, via email, or over the phone. For contract bond requests, one of our experienced contract bond agents will guide you through the process, starting with the correct application for your specific bond request. Once the completed application has been approved and the bond premium paid if full, the bond will be issued.

The Cost of Iowa Surety Bonds

The surety bond underwriter will calculate your bond cost using the information provided in your application. Underwriters use many factors to determine price but put focus on three things: the bond amount, the bond type, and your credit history. The surety needs to calculate the risk of issuing your bond. To do this they look at your credit history to examine how well you manage money. People with a high credit score should expect to pay a lower premium than people with a low credit score. Viking Bond Service helps all businesses, no matter their credit history, secure bonds with the best terms available.

Common Iowa Surety Bonds

Surety bonds in Iowa into several categories covered below. The knowledgeable agents at Viking Bond Service can help your business find the correct bond, whatever the bond type.

Commercial bonds are well known by other names, including permit bonds and license bonds. This is because these types of bonds are often a required step in securing a license to operate certain businesses in the state. Auto dealer bonds, and contractor license bonds are common bond types issued in Iowa.

If you've ever worked in the construction industry, you'll probably have come across contract bonds. These bonds provide surety bond protection for contracts. Surety bonds protect the business that requires the bond from losing money if the contract terms are not met. Four types of contract bonds are available: bid bonds, performance bonds, payment bonds, and maintenance bonds.

You may need to obtain a court bond before a judge will move forward with a civil or criminal trial or approve you for a court-appointed role (like the executor of an estate). The purpose of court bonds is to incentivize the principal to follow the court's final judgment by holding them financially liable if they don't.

One final kind of surety bond, fidelity bonds, works similar to business insurance. They are voluntary; no one is required to get a fidelity bond. However, since they pay a business owner for any damages their employees cause due to theft, fraud, or vandalism, they are a smart protection against risk.

Do You Have to Renew Surety Bonds in Iowa?

Surety bond coverage lasts for a set amount of time, called a term, after which it expires. When the requirement to have bond coverage lasts longer than the bond term – such as with commercial bonds and some others – the bond must be renewed. The surety will run another credit check at renewal time, then raise or lower the cost of the surety bond to reflect changes in credit standing. Coverage renews for another term as soon as the renewal premium is paid.

Surety Bonds in Iowa From Viking Bond Service

Viking Bond is here to help you find the right surety bond in Iowa. What would that bond cost? Simply request a quote online to receive one within 24 hours at your convenience. Still have questions about Iowa surety bonds? Our team is here to serve you – contact us or call 1-888-2-SURETY (1-888-278-7389).

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