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Surety Bonds in Michigan

Surety Bond Michigan

Viking Bond Service offers fast, affordable and friendly service to help you find a surety bond in Michigan. Our team has been helping Michigan business owners find surety bonds for many years, making us a top choice for all of your bond needs. We understand how important it is for your business to get your state-required bond at an affordable price, which is why we offer expert services for all types of bonds including both commercial and contract bonds.

How Do Surety Bonds in Michigan Work?

All different surety bonds types are a way for one party to recoup financial losses resulting from misconduct committed by another party. If the bondholder (called the principal) does something illegal, unethical, or in breach of contract, any party that suffers damages (called the obligee) may file a claim against the Michigan bond for compensation.

At that point, the company that issues and backs the bond (called the surety) will investigate the truth of the claim – valid claims must be paid by the principal. If they can't or won't pay, however, the surety settles with the obligee for the full claim amount. Obligees with a valid claim are guaranteed to get a settlement.

When the surety settles, however, the principal must pay back that debt – plus interest and fees – to the surety ASAP. Failure to repay will result in loss of bond coverage, possible collections, and potentially legal action.

Who Needs Surety Bonds in Michigan?

Michigan surety bond requirements can be predictable or unpredictable. Some businesses like motor vehicle dealers and some professionals like mortgage brokers know they will need a bond to get the licenses required in Michigan. Contractors and construction workers can expect to need bonds, probably many bonds, as well. But other people experience surprise bond requirements, like when trying to get utility service started. Working with a streamlined surety agency like Viking Bond Service is the best help for someone in Michigan who needs any surety bond for any reason.

How to Obtain a Surety Bond in Michigan

Michigan surety bonds are acquired through a surety bond company. Viking Bond Services makes the application process easy with many commercial and license bonds obtainable through our online application. Contract performance bond applications require a more detailed application through a Viking Bond agent. All applications will also need to include some additional documentation that's used to provide detailed premium quotes and complete the underwriting process. Most applications submitted to Viking Bond Service receive a quote within the same day and bond underwriting can be accomplished very quickly once the application is completed.

The Cost of Michigan Surety Bonds

The cost of a surety bond is determined by a number of key factors including the bond amount and type. Many people are surprised to learn that their credit score, experience, and business financial records also play a significant role in determining the premium cost. When calculating the premium, bond companies use the information in your application and the supporting financial documentation to predict the odds of the bond being claimed against. People with poor credit scores and little business experience will often pay a higher premium to secure a bond. Viking Bond Service producers are specialists at helping all businesses, whatever their credit history, secure an affordable surety bond in Michigan.

Common Michigan Surety Bonds

Surety bonds in Michigan come in many forms but there are two main types: contract and commercial bonds. Viking Bond Service agents are experts in all of the common Michigan surety bonds.

It's not uncommon for state regulations to require businesses to maintain an active commercial surety bond. Our commercial bond experts can help with all of your license and permit bond needs including auto dealer bonds, mortgage broker bonds, and private school bonds.

Contract bonds provide the parties involved in a contract with a form of financial recompense should the contract terms not be fulfilled to a satisfactory level. Contract bonds are commonly used in the construction industry to ensure that projects are completed. There are four common types of contract bonds: bid bonds, performance bonds, maintenance bonds, and payment bonds. We offer expertise in all types of contract bonds.

Court bonds requirements are imposed by a judge before the court will proceed with some civil or criminal trials. Court bonds are common in cases where valuable property or sensitive financial matters are at stake. Someone may also need a court bond before starting in a court-appointed role, as the executor of an estate, for instance.

Fidelity bonds work as a form of business insurance, protecting an owner from losses caused by employee theft, fraud, property damage, or other misconduct. They are voluntary to get, but many business owners consider them worthwhile financial protection from unscrupulous employees.

Renewing Surety Bonds in Michigan

Bond coverage generally lasts for 12 months, but longer and shorter periods are possible. If someone needs coverage for longer than the term – to keep a business license valid, for example – they will need to renew coverage. That involves a credit check, which could lower the premium price up or down depending on how credit standing has changed since the last renewal. Rely on the surety to provide renewal reminders, but be sure to budget for the renewal premium in advance.

Michigan Surety Bonds by Viking Bond Service

The team at Viking Bond Service can help your business secure the right Michigan bond at an affordable price. We're here to help with all of your Michigan surety bond needs. Request a quote for whatever bond you need 24 hours a day. Our bond team is also here to answer your questions and provide whatever information or assistance you need. Contact us or call 1-888-2-SURETY (1-888-278-7389).

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