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Surety Bonds in Massachusetts

Surety Bond Massachusetts

Securing a surety bond in Massachusetts can be a huge source of stress, but with Viking Bond Service, the process is quick and easy! Viking Bond Service has been helping Massachusetts's business owners secure surety bonds in the State for many years. As one of the premier surety bond businesses in the US, we can help you find the bond you need to help your business stay legal and keep growing. Use our simple quote form to get a quote today.

How do Surety Bonds in Massachusetts Work?

The best way to explain how Massachusetts surety bond requirements work is to cover the three parties involved in surety bonds:

  • The principal is the person who must obtain the bond in the required coverage amount and pay for any valid claims filed against that bond by the obligee.
  • The obligee is the party that can seek compensation for damages caused by the principal by filing a claim against the Massachusetts bond.
  • The surety is the company that underwrites the bond. If the principal fails to pay for a claim, the surety guarantees a full settlement to the obligee. Since the principal has legal liability, however, they must repay the surety the amount of the claim, plus interest and fees, or face a potential lawsuit or debt collection.

Who Needs Surety Bonds in Massachusetts?

People all across Massachusetts need different surety bond types for many different reasons. Contractors and construction companies often need them as part of the contracts they sign with clients. Business owners like motor vehicle dealers and professionals like mortgage brokers may need them to get the license they require to operate legally. Even someone trying to establish utility service may need a surety bond. Rely on Viking Bond Service to meet any and all Massachusetts surety bond requirements.

Getting Bonded in Massachusetts

The bonding process can often feel overwhelming, but it doesn't have to be. Viking Bond Service has developed an easy application process to help you secure a bond when you need it. All surety bonds require a completed application form and full payment of the premium before the bond can be supplied.

For commercial bonds, the application form can be easily completed online. If you need a contract bond, the application is a little more in-depth. But don't fret – Viking Bond Service agents will help you complete the process over the phone. In addition to the bond application form, a credit check is completed and you'll need to submit any necessary supporting documentation. The documents needed can vary by bond type and may include financial records.

The Cost of Surety Bonds in Massachusetts

There are three main areas that will determine the cost of your surety bond in Massachusetts; these are the bond amount, the bond type, and your credit score. The additional documentation submitted with your application is used to help the surety underwriter gain a clear picture of both your personal and business financial situation.

A surety bond works like a line of credit in that the surety agrees to pay claims made against the bond up to the bond amount. The surety needs to determine how likely it is that you'll be unable to repay them for any money paid out for claims against your bond and how likely a claim is. People with strong credit scores will pay lower premiums as they are seen as a lower risk. People with poor credit can still obtain bonds with the help of an experienced bonding company, but they should expect to pay a higher premium.

Common Surety Bonds in Massachusetts

There are many types of common surety bonds in Massachusetts. The team at Viking Bond Service can help you secure both contract and commercial bonds in the State:

Commercial bonds, commonly known as license and permit bonds, are often needed to secure a business license. There are many types of commercial surety bonds in MA, and some of the most well-known are auto dealer bonds, sales tax bonds, and mortgage broker bonds.

Contract Bonds

In Massachusetts, contract bonds are frequently used in the construction industry. They provide a form of financial insurance for businesses or individuals purchasing goods or services as they offer financial compensation if the terms of a contract aren't met. Common contract bonds include bid bonds, payment bonds, and performance bonds.

Court Bonds

As part of a civil or criminal trial, court bonds may be required to hold one party liable for following the judge's orders. Someone might also need a court bond before the court will sanction them to work in an official role, such as the executor of an estate or guardian of someone's financial assets.

Fidelity Bonds

Fidelity bonds are a kind of insurance that protects a business from employee misconduct (theft, fraud, property damage, etc.) that causes losses for either customers or the business itself. Businesses choose to get fidelity bonds voluntarily as a way to protect against a common risk.

Renewing Surety Bonds in Massachusetts

Someone will need to renew a surety bond if the coverage requirements last longer than the coverage term. With commercial bonds, for example, someone must have an active bond to keep an active license, which means renewing the bond on an annual basis (other terms are possible). At the time of renewal, the surety runs another credit check and then raises or lowers the premium to reflect credit changes. Be sure to check if a surety bond needs to be renewed and, if so, save up for the renewal premium.

Surety Bonds in MA by Viking Bond Service

The team at Viking Bond Service is here to help with all of your surety bond needs in Massachusetts. We offer expert advice and can help guide you to the right bond for your business. Contact us online at your convenience. You can also call our team at 1-888-2-SURETY (1-888-278-7389) or request a quote at any time.

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