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Surety Bonds in Kansas

If you are one of the many people across Kansas required to get a surety bond, you have come to the right place. Whether you need a performance bond, a court bond, a license and permit bond, or any other, the surety experts at Viking Bond Service have got you covered! This quick guide covers everything you need to know about surety bonds in Kansas.

What is a Kansas Surety Bond?

Surety bonds are risk-management tools that protect business owners, consumers, and even the government against potential fraud or incompetence. Kansas surety bonds are required of Kansans who perform various types of work. For instance, if you are a contractor who wants to bid on a public construction project, you'll need a Kansas construction bond. Perhaps you want to open a car dealership. In that case, you'll need a Kansas auto dealer bond. These surety bonds ensure the bondholders will abide by all applicable laws and regulations.

How Does a Surety Bond in Kansas Work?

Like any surety bond type, surety bonds in Kansas are legal contracts between three essential parties:

• The Principal is the individual or business that takes out the bond.
• The Obligee is the individual, business, or government entity that requires the bond.
• The Surety is the insurance company that underwrites the bond.

Some surety bonds in Kansas protect specific individuals, consumers, or entities. Others protect the public at large. For example, suppose a protected person believes a bond-holding principal has damaged them due to fraud or other poor conduct governed by the bond. In that case, the damaged party may file a claim against the bond. The surety company must investigate all claims thoroughly. If the surety finds the claim is accurate, they will pay the damages up to the bond's total value. However, the surety will dismiss any claim that lacks merit.

The surety bond principal is financially responsible for any claims against the bond, and they must repay the surety for any disbursements. Essentially, surety bonds are a form of enforced accountability.

Types of Surety Bonds in Kansas

There are many types of surety bonds used for a wide range of reasons, and we provide them all. However, the most common surety bonds in Kansas fall into four categories:

• Commercial – Surety bonds that are required to run a business legally. Usually, someone needs a bond to obtain a business or professional license.
• Contract – Surety bonds required under contract. These types of requirements are common in the construction and contracting industry.
• Court – Surety bonds required by a judge. Often used in civil trials, someone must prove they have a court bond before the trial proceeds.
• Fidelity – Surety bonds that a business gets voluntarily to build trust with customers. Fidelity bonds protect business owners and customers from employee misconduct.

Who Needs a Surety Bond in Kansas?

Surety bond requirements apply to many people across Kansas. Some people will need a Kansas surety bond just once for a short time. Other people, especially professionals, need to keep bonds their entire working lives. Surety bond requirements can appear expectedly and unexpectedly, which is why everyone should know a good surety agency to work with. Contact Viking Bond Service for all the information and expert assistance you need to get bonded in KS.

How Much Does a Surety Bond in Kansas Cost?

The cost of a surety bond will be a tiny percentage of the total bond value. The obligee determines the size of the bond required. The surety determines the premium to charge for the bond, typically just 1-5% of the bond's value. So, if someone must obtain a $10,000 bond, the actual Kansas surety bond cost will likely range between $100 - $500. How much, exactly, depends on your credit standing.

Kansas Surety Bonds Requirements: Can I Get One With a Bad Credit?

Kansas surety bond companies evaluate the principal's credit score to gauge how much risk is involved for a specific bond. So, someone with sterling credit pays the lowest possible premium. However, with a low credit score or spotty financial record, you will pay a higher premium and may even be denied coverage by some surety agencies. Take advantage of the Viking Bond Service Bad Credit Surety Bond Program to get approved and still pay a fair rate.

How Can I Get a Surety Bond in Kansas?

We make obtaining a surety bond in Kansas a snap at Viking Bond Service. Requirements vary depending on the bond type, but almost all involve the following:

• Complete our online surety bond application (we'll perform a credit check).
• Provide a copy of the bond requirements and any other info/docs requested.

Our underwriters (risk evaluators) will review your information and then provide a customized, competitive bond price for you. Pay that price to activate the bond; then, we will provide proof that your Kansas bond requirements have been met.

Do You Need to Renew a Surety Bond in Kansas?

Surety bonds in Kansas remain active for a fixed term – usually a year, but longer is possible – and some require renewal afterward. For instance, anyone who needs a surety bond to get a professional license must keep that bond active, or the license becomes invalid. Renewal involves a reevaluation of credit standing, followed by a new quote for the bond price. Steady improvement to your credit score leads to lower bond prices at each renewal.

Rely on Viking Bond Service For Everything Surety Bond

Viking Bond Service serves people in every part of Kansas, and we issue almost every kind of surety bond. We make it quick and hassle-free to get your bond. Request a quote for whatever type of Kansas surety bond you need. Contact us online or call us toll-free at 1-888-2-SURETY (1-888-278-7389). We're here to get you bonded for all your business needs.