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Surety Bonds in Louisiana

Surety Bond Louisiana

The team at Viking Bond Service is here to help with all of your Louisiana surety bond needs. We have over 15 years of experience helping businesses get the bond they need to comply with legal requirements and keep their business moving forward. We've developed a quick and efficient bond application process that ensures you get the surety bond you need when you need it. We understand that getting the correct bond is essential to running a successful business. Call, email, or use our online application form to request a quote today!

How Does a Surety Bond in Louisiana Work?

There are many different surety bond types, but they all serve the same basic purpose: to make one party financially liable for misconduct that causes damages to another party. Surety bond agreements always involve three parties:

  • Principal – Person required to get a bond and obligated to pay for all valid claims.
  • Obligee – Person with the right to file claims for compensation against the bond.
  • Surety – Company that issues and underwrites the bond. The surety will settle claims that the principal can't or won't – but the principal must repay the surety in full.

In summary, if someone files a valid claim against the surety bond, the principal (the bondholder) must pay for the damages, either directly to the obligee or later as repayment (plus interest and fees) to the surety.

Who Needs a Surety Bond in Louisiana?

Surety bonds are more common than you might think. Many people need one in order to obtain a license to open a business or start a professional career. Everyone from motor vehicle dealers to cosmetologists may need a surety bond. So will many contractors and construction companies because they often need bonds to finalize work contracts. The truth is that anyone may need a surety bond at some point, such as a Louisiana utility bond to activate gas, water, or electric service. Rely on Viking Bond Service for the bond you need and the service you want.

How to Get a Surety Bond in Louisiana

Viking Bond Service makes it easy to find an affordable surety bond in Louisiana. If you're looking for a commercial bond, you'll be able to apply in one of three ways: via email, over the phone, or by using our online application form.

For contract performance bonds, our licensed agents will take you through each step of the process on the phone. To meet Louisiana surety bond requirements, you'll need to complete an application form and, in some cases, submit additional documentation to start the bonding process. Common supporting documentation includes evidence of your credit history, your business history, and business financials. To complete the bonding process, you'll need to pay your bond premium; once paid, the surety will issue the bond.

The Cost of Surety Bonds in Louisiana

Surety bond premiums are influenced by all of the information submitted with your application as well as the bond type applied for. The surety will use data about the bond amount and bond type as two of the main factors to calculate your bond's cost. Many applicants are also surprised to learn that their credit history and business experience also play a key role in premium calculations. This is because the surety needs to determine how risky it is to issue a bond to your business.

If you have strong credit and many years of business experience, your risk factor is considered lower, so your premium will be lower as well. If, however, your credit history is poor and you have little experience, your premium will be higher. Viking Bond Service is able to help clients with good or bad credit secure a Louisiana bond.

Common Surety Bonds in Louisiana

There are many types of surety bonds in Louisiana, but they generally fall into two main categories. These categories are commercial bonds and contract bonds. The team at Viking Bond Service provides all surety bonds available in Louisiana.

Commercial bonds are more commonly referred to as license and permit bonds as they are required as part of business license applications in the state. Mortgage brokers, auto dealers, and shops setting up public utilities are some of the businesses that commonly need commercial bonds in Louisiana.

The construction industry is one of the main areas where contract bonds are used in Louisiana. They are a simple way of providing parties involved in a construction contract with financial backup. In the event that contract terms that define the payment, supply of goods, or provision of services are not met, the wronged party can claim against the bond. Contract or construction bonds encompass bid bonds, payment bonds, performance bonds, and maintenance bonds.

Court bonds may be required before a judge agrees to proceed with a civil or criminal trial. This type of surety bond essentially makes the principal responsible for following whatever judgment the court reaches, especially when sensitive financial matters are at stake. If the bondholder does not abide by that judgment, the other party can file a claim against the court bond.

Fidelity bonds are different because they are voluntary. Businesses choose to get them as a way to protect against financial damages resulting from employee misconduct like theft or property damage. When that happens, the bond can be claimed to help the business owner recoup some losses.

Do You Need to Renew Surety Bonds in Louisiana?

Bond coverage lasts for a set term, usually 12 months, but longer and shorter terms are possible. If someone needs bond coverage for longer than that – to keep a business or professional license valid, for example – they must renew the surety bond. Credit will be reevaluated during renewal, and the premium will go up or down based on changes to credit standing. The last step is paying the premium to activate coverage for another term.

Louisiana Surety Bonds by Viking Bond Service

For a fast and efficient way to get the Louisiana surety bonds, contact the team of licensed bond agents at Viking Bond Service today. You can request a quote at your convenience – we answer most requests in under 24 hours! You can also get quality information straight from our team of bond experts – contact us or call 1-888-2-SURETY (1-877-278-2564).

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