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Surety Bonds in Maryland

Surety Bond Maryland

As one of the premier bonding companies in Maryland, Viking Bond Service is here to help with all of your surety bond needs. Our experienced team of bond experts has many years of experience securing both commercial and contract surety bonds for businesses in Maryland. At Viking we understand how important it is for your business to secure an affordable bond to stay compliant with both state and federal regulations. Call or email us today to discuss your bond needs.

How Do Surety Bonds in Maryland Work?

Maryland surety bond requirements all have the same purpose: a surety bond provides a financial guarantee that someone, known as the obligee, can receive financial compensation for damages caused by someone the bondholder, known as the principal. When illegal, unethical, or otherwise unauthorized behavior results in financial losses for the obligee, they may file a claim against the Maryland surety bond for compensation.

The company that issues this bond is known as the surety, and they will investigate the claim. If it holds up as valid, the principal must pay for it. If they refuse, however, the surety will settle the claim with the obligee, guaranteeing that valid claims will receive a settlement.

Under the surety bond agreement, the principal (not the surety) has liability for claims. So even though the surety will guarantee a settlement, they won't take final responsibility for the claim. That responsibility always rests on the principal, who must repay the surety (with interest and fees added) for any claim it settles on the principal's behalf.

Who Needs a Surety Bond in Maryland?

In most cases, people (or entities) need surety bonds for a business or professional license, such as motor vehicle dealers. They may also need one to meet the requirements of a contract, especially in the construction industry.

In addition, surety bonds can be required before court cases or even to get utility services started. Almost anyone in Maryland could have a need for a surety bond at some point. When that day comes, rely on Viking Bond Service to make the bonding process a breeze.

How to Get a Bonded in Maryland

Applying for a surety bond in MD can be quick and easy when you work with an experienced bonding company. Viking offers a simple process to apply for both commercial and contract bonds. If your business needs a commercial bond, you can use our online form to complete your application. With a contract bond, however, the process is a little more complex but still relatively simple.

To start a contract bond application, call today and one of our agents will walk you through the process. All bonds require businesses to submit additional supporting documentation with their application. This documentation includes a credit check and may also include information regarding your business experience and financial standing.

The Cost of Surety Bonds in Maryland

There is a range of factors that are used to determine the cost of a surety bond in Maryland. Bond type, bond amount, and the documents you included to support your application are all used as a basis for the bond cost. The premiums are based on the risk your bond poses to the surety company. When a surety underwrites your bond they provide a financial agreement to cover the amount indicated on the surety bond form. The premium is based on the risk that they'll need to pay a claim made on your bond. Having a weak credit and/or financial history and limited business experience are seen as indicators that your bond may pose a higher risk so you'll pay a higher premium. People with strong credit scores pay lower premiums.

Common Surety Bonds in Maryland

There are four main types of surety bonds in Maryland, these are commercial bonds and contract bonds. The team at Viking can secure all types of surety bonds in Maryland and can offer expert guidance to help you find the bond you need.

Commercial Bonds

Commercial bonds in Maryland, also known as license and permit bonds, are often required to operate businesses in the state. There are many types of commercial bonds, including mortgage broker bonds and auto dealer bonds.

Contract Bonds

Contract bonds in Maryland are frequently used by the construction industry as a financial backup for contracts. These bonds work as a guarantee that either the contract terms will be met or the surety backing the bond will pay the wronged party compensation. There are three main types of contract bonds in Maryland: performance, payment, and maintenance.

Court Bonds

Court bonds in Maryland may be required by a judge before a civil or criminal trial can proceed. Most court bonds make the principal liable to follow the court's judgment or take financial responsibility otherwise.

Fidelity Bonds

Fidelity bonds are something a business chooses to get (they are not mandatory) to protect against financial losses caused by employees such as theft or property damage. Similar to insurance, a fidelity bond will pay the business for covered damages.

Renewing Surety Bonds in Maryland

Commercial bonds and some others require renewal at the end of the coverage term, which usually lasts one year. Renewing a bond involves undergoing another credit check that the surety uses to adjust the premium price up or down. The surety will provide advanced notice about the renewal - keep this date on the calendar, and be sure to budget for the renewal premium to prevent bond issues.

Maryland Surety Bonds by Viking Bond Service

The team at Viking Bond Service is here to help your business get the surety bond it needs when it needs it. Our knowledgeable and experienced agents can guide you through the entire process, making it quick and easy to get your surety bond in MD. Request a bond quote today by contacting us or calling 1-888-2-SURETY (1-888-278-7389).

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