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Surety Bonds in Maryland

Surety bonds in 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 to get a surety bond 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. If you're looking for a contract bond 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 though 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 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 week 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 two 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 in Maryland can also be known as license and permit bonds as they 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 in Maryland are frequently used by the construction industry as a financial backup for contracts. The bond works 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.

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. Call or use our online application form to get a bond quote, today.

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More About Surety Bonds:
How does the SBA Bond Guarantee Program Work?

Viking's contract surety bond agents are registered with the SBA and can provide access to the Surety Bond Guarantee program.

The Bonding Process

Getting a Surety Bond is not difficult. Viking can guide you from start to finish. Learn what is involved in the bonding process.

Challenged Credit?

Credit challenges are not always a barrier to obtaining a Surety Bond. Often times, Viking can quote your request despite a poor credit rating.

How are Performance Bond premiums figured?

Many variables go into figuring Performance Bond premiums. Read about what variables are considered and why premiums can vary so widely.

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