Lots of people need surety bonds in Maine for lots of different reasons. If that includes you, learn all the basics of bonding in the helpful guide below.
There are many different surety bond types ranging from Maine motor vehicle dealer bonds to Maine contractor license bonds. But all types have the same purpose – to make one party liable for damages caused to another. All surety bond agreements involve three parties:
Most Maine surety bonds fit into one of these categories:
Someone may need a Maine surety bond before opening a business or starting a new career. For contractors and construction companies, getting surety bonds is a repeated requirement - one job may involve multiple bonds. Surety bond requirements may be predictable, but they can also arise unexpectedly, even for people who never thought they would need a surety bond. Use Viking Bond service to fulfill any Maine surety bond requirement.
Getting a surety bond starts with a simple application process:
The surety will then quote the cost of the surety bond based on the bond seeker's application materials. Bond coverage starts immediately once the premium is paid.
You should expect to pay a small percentage of the bond's coverage amount. People with stellar credit will pay a lower amount, whereas those with challenged credit will pay more. Take advantage of a special program from Viking Bond Service to get competitive offers in spite of credit issues.
A principal required to have a bond longer than the coverage period lasts will need to renew that coverage. Commercial bonds in particular require renewal – usually annually – to keep a commercial license valid. The surety will run a new credit check at renewal time, then adjust the premium up or down based on credit changes. Coverage renews for another term after the premium is paid.
Request a quote for whatever kind of Maine surety bond you need. For more information on bonds, contact us online or call 1-888-2-SURETY (1-888-278-7389).
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